Saudi Aramco has recently confirmed its intention to purchase a 40% stake in Gas & Oil Pakistan Limited (GO), a move that underscores its strategic expansion plans in the downstream sector. Yasser Mufti, Aramco’s Executive Vice President of Products and customers, inked the deal alongside GO’s founder and CEO, Khalid Riaz, in a significant agreement.
Present at the ceremony were other key figures including Nader Douhan, Aramco’s International Retail Director, Ziyad Al Juraifani, Aramco’s Vice President of Retail, Tariq Kirmani, GO’s Chairman, Mohammed Y. Al Qahtani, Aramco’s Downstream President, and Zeeshan Tayyeb, GO’s Chief Operating Officer.
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Mohammed Y. Al Qahtani highlighted the significance of this move, stating, “Our planned acquisition of GO falls perfectly in line with Aramco’s downstream expansion strategy, paving the way for the development of an integrated refining, marketing, lubricants, trading, and chemicals portfolio on a global scale. GO’s substantial storage capacity, top-notch assets, and growth potential position it as an ideal platform to introduce the Aramco brand in Pakistan”.
This venture marks Aramco’s initial foray into Pakistan’s fuels retail sector. Following their acquisition of Valvoline Inc.’s worldwide products division earlier in February 2023, this new transaction offers Aramco an opportunity to secure additional outlets for their refined products and creates fresh avenues for the market penetration of Valvoline-branded lubricants.
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GO stands out as one of Pakistan’s foremost storage enterprises, actively engaged in downstream fuels, lubricants, and convenience stores. This partnership is poised to bring about a significant shift in the industry landscape, harnessing the strengths and capabilities of both entities for mutual growth and development.
