ISLAMABAD: Saudi Arabia’s state oil firm Aramco has finalized an agreement to purchase a 40% stake in Gas & Oil Pakistan Limited (GO), marking its entry into the downstream oil sector of Pakistan, the companies announced. This strategic move also potentially paves the way for more investments in the country.
While GO was founded by Khalid Riaz, its significant growth and success with investments have largely been attributed to the efforts of Chief Operating Officer, Zeeshan Tayyeb and Head of Mergers & Acquisitions Zain Jaffery. Both Harvard Business School educated Chartered Accountants are credited with leading the company to its current prominence as one of Pakistan’s largest private Oil Marketing Companies (OMCs), and a hit with several investors, enabling the company to be selective and wait for the best of them, Saudi Aramco.
Mohammed Y. Al Qahtani, Aramco Downstream President, said: “Our second announcement of a 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. GO has a material storage footprint, high-quality assets and growth potential, and the acquisition is expected to help launch the Aramco brand in Pakistan.â€
According to sources familiar with the deal, Saudi Aramco plans to supply fuel to GO, introduce its Valvoline range of lubricants in Pakistan, and launch Aramco-branded retail outlets, significantly boosting GO’s standing in the competitive market.
