Saudi Aramco expands its footprint in Pakistan’s energy sector by acquiring a 40% stake in Gas and Oil Pakistan Ltd (GO).
This acquisition, finalized in December 2023, highlights Aramco’s global stature in energy and chemicals, as it produces around one-eighth of the world’s oil supply and pioneers innovative energy technologies.
Aramco’s subsidiary, Aramco Asia Singapore Pte. Ltd., led the acquisition process, submitting the necessary paperwork to the Competition Commission of Pakistan (CCP).
Gas and Oil Pakistan Ltd is renowned for its role in the procurement, storage, sale, and marketing of petroleum products and lubricants, making it one of Pakistan’s leading retail and storage enterprises.
Aramco’s entry into Pakistan’s fuels retail market signals confidence in the nation’s economic potential and growth trajectory, bolstered by significant investment agreements between Pakistan and Saudi Arabia, including investments in an Aramco oil refinery and a petrochemical complex at the strategic Gwadar Port in Balochistan, signed in February 2019 during Saudi Crown Prince Mohammed Bin Salman’s visit to Islamabad.
