Aramco’s Executive Vice President of Products & Customers, Yasser Mufti, has signed an agreement with Gas & Oil Pakistan (GO) founder and CEO Khalid Riaz, according to a statement. GO is a diversified downstream fuels, lubricants and convenience stores operator and is one of the largest retail and storage companies in Pakistan.
The transaction is subject to certain customary conditions, including regulatory approvals. The planned acquisition marks Aramco’s first entry into the Pakistani fuels retail market, furthering the Company’s strategy to strengthen its downstream value chain internationally.
The statement highlighted that the transaction would enable Aramco to secure additional outlets for its refined products and provide new market opportunities for Valvoline-branded lubricants, which the company acquired in February 2023. Mohammed Y. Al Qahtani, Aramco Downstream President, noted that the acquisition aligns with Aramco’s downstream expansion strategy, with a clear path for growing an integrated refining, marketing, lubricants, trading, and chemicals portfolio worldwide. He added that GO has a significant storage capacity, high-quality assets, and growth potential, which will help launch the Aramco brand in Pakistan.