Saudi Aramco secures 40pc stake in Gas and Oil Pakistan
Business
Saudi Aramco secures 40pc stake in Gas and Oil Pakistan
(Web Desk) - Aramco has made its debut in Pakistan's retail fuels market on Tuesday when it inked formal arrangements to purchase a 40 per cent equity position in Gas & Oil Pakistan Ltd (GO).
It is one of the top energy and chemical firms in the world and the largest oil corporation in Saudi Arabia,
Aramco and GO released a joint statement stating that the transaction is contingent upon usual conditions such as regulatory approvals.
GO is one of Pakistan's biggest retailers and storage organisations which operates a variety of downstream fuels, lubricants, and convenience stores.
Aramco Downstream President Mohammed Y. Al Qahtani said the development is based on the company’s policy to diversify and expand itself.
He said, "Our second planned retail acquisition this year aligns with Aramco's downstream expansion strategy, with a clear path ahead for growing an integrated refining, marketing, lubricants, trading and chemicals portfolio worldwide.”
Meanwhile, GO CEO said the company has tremendous potential and it will also help the Aramco brand to expand in Pakistan.
"GO has a significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan,” he said.
Also, Dr Khaqan Hassan Najeeb, a former adviser to the finance ministry, said that the Saudi giant's investment will improve the outlook for the Pakistani oil market.
Aramco intends to provide billions of dollars to the Special Investment Facilitation Council (SIFC), a civil-military organisation established to encourage international investment.
