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Aramco Completes Purchase of 40% Shares in Gas and Oil Pakistan Limited

Aramco Completes Purchase of 40% Shares in and Oil Pakistan Limited

Saudi Aramco, one of the world’s largest energy and oil companies, has further expanded its global retail business by acquiring 40 percent of the shares of Gas and Oil Pakistan Limited (GO). In a statement on its website, Yasser Mufti, Aramco’s executive vice president of products and customers, expressed excitement about the acquisition, noting that it marks an important step in Aramco’s journey to expand its retail business globally. “Through our strategic partnership with GO, we are excited to provide Aramco’s high-quality products and services to valued customers in Pakistan,” Mufti stated. He also welcomed GO as a high-quality addition to Aramco’s growing network of global partners and looked forward to exploring new opportunities and further expanding Aramco’s international presence.

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Aramco’s official entry into Pakistan’s retail market through this acquisition highlights its strategic intent to grow its global business. Although the exact value of the deal was not disclosed, insiders estimate the transaction to be worth around $100 million. GO, a private company established nearly a decade ago, boasts a diversified oil company profile with an extensive network of retail outlets and storage facilities across Pakistan. The deal, which is subject to regulatory approval and other formalities, signifies Aramco’s first foray into Pakistan’s fuel retail market.

This acquisition follows Aramco’s previous interest in Shell Pakistan’s retail business, which was ultimately acquired by another Saudi firm, Wafi Energy. The agreement with GO will enable Aramco to increase its outlets for finished products and explore new business opportunities. This aligns with Aramco’s ongoing strategy to expand its business globally, which included the acquisition of the American automotive company Wall Woolin Inc. earlier this year.

GO was founded by Khalid Riaz, who has been involved in the oil business for nearly four decades through a large fleet of oil tankers and is considered close to the Muslim League-N. This strategic partnership between Aramco and GO marks a significant development in the energy sector, promising to bring high-quality products and services to the Pakistani market while facilitating Aramco’s global expansion efforts.