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Aramco Finalizes Purchase of 40% Stake in Gas & Oil Pakistan
Aramco Finalizes Purchase of 40% Stake in Gas & Oil Pakistan

Aramco Finalizes Purchase of 40% Stake in Gas & Oil Pakistan

  • 03-Jun-2024 2:16 PM
  • Journalist: Robert Hume

Aramco, a prominent global energy and chemicals conglomerate, has advanced its global retail expansion with the successful acquisition of a 40% equity share in Gas & Oil Pakistan Ltd. (“GO”).

GO is a versatile operator in Pakistan's downstream sector, dealing in fuels, lubricants, and retail stores, boasting a network exceeding 1,200 retail fuel stations. Initially disclosed in December 2023, the acquisition marks Aramco's inaugural downstream retail investment in Pakistan, signifying the company's expanding retail footprint in lucrative markets. Furthermore, in March, Aramco acquired full ownership of Esmax Distribución SpA (“Esmax”), a prominent diversified downstream fuels and lubricants retailer based in Chile.

Yasser Mufti, Aramco's Executive Vice President of Products & Customers, expressed, "Our global retail expansion is accelerating, and this acquisition marks a significant milestone in our progress. Through our strategic alliance with GO, we anticipate delivering Aramco's premium products and services to esteemed customers in Pakistan. We are pleased to welcome another esteemed addition to Aramco's expanding network of global partners and eagerly anticipate leveraging our combined resources and expertise to explore new prospects and expand the Aramco brand internationally."

Aramco stands as one of the globe's largest integrated energy and chemicals corporations, generating value throughout the hydrocarbon cycle and providing crucial societal and economic advantages to individuals and communities worldwide dependent on its essential energy provisions. Aramco is dedicated to assuming a prominent position in the energy shift. Aramco is committed to facilitating the transition to a net-zero economy, with its personnel diligently striving to address the world's sustainability dilemmas. Aramco firmly believes in the transformative potential of energy to enrich lives, strengthen communities, promote human advancement, and preserve our environment.

The narrative of Aramco is characterized by a blend of creativity and resilience. The company has surmounted obstacles, expanded the boundaries of knowledge within its sector and beyond, and contributed to the emergence of an era characterized by abundant energy and transformative technology. Aramco's history is a source of pride for the company, serving as an inspiration as it continues to evolve and transition into a new energy era. Aramco has a presence in the primary global energy markets of Asia, Europe, and North America. Its subsidiaries play crucial roles in the dynamic energy markets of these regions and collectively serve as significant crude oil suppliers to India, China, Japan, South Korea, and the Philippines. Aramco subsidiaries maintain a network of offices that offer diverse services such as financial support, supply chain management, technical assistance, and various administrative functions.

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