Aramco, a global leader in integrated energy and chemicals, has taken a significant step in expanding its international downstream value chain by signing definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (GO). GO, a prominent downstream fuels, lubricants, and convenience stores operator, stands as one of the largest retail and storage entities in Pakistan. The completion of this transaction is contingent upon customary conditions, including regulatory approvals.
This strategic move marks Aramco's maiden entry into the fuels retail market in Pakistan, aligning with the company's broader vision to reinforce its downstream capabilities on a global scale. The acquisition presents an opportunity for Aramco to secure additional outlets for its refined products and create new market avenues for Valvoline-branded lubricants. This follows Aramco's acquisition of the global products business of Valvoline Inc. in February 2023.
Mohammed Y. Al Qahtani, Aramco Downstream President, emphasized the significance of this acquisition in the company's downstream expansion strategy. With a focus on growing an integrated portfolio spanning refining, marketing, lubricants, trading, and chemicals, Aramco sees tremendous potential in GO's substantial storage capacity, high-quality assets, and growth prospects. The strategic move is poised to introduce the Aramco brand to the Pakistani market, capitalizing on GO's existing strengths.
This acquisition reflects Aramco's commitment to navigating the evolving energy landscape and leveraging strategic opportunities that contribute to its global presence. As the company continues to expand its downstream footprint, this move reinforces Aramco's position as a key player in the international energy and chemicals sector.