Aramco completes 40% stake acquisition of GO Pakistan
Published on: May 13, 2024
The Saudi company is officially entering the Pakistani fuel retail market after getting approval from the local authorities.
As announced back in December of 2023, Aramco has completed the 40% stake acquisition of GO Pakistan, marking its foray into the country’s fuel retail market.
The Competition Commission of Pakistan (CCP) greenlit the transaction by the end of April. Apart from its fuel retail business, Gas and Oil Pakistan also manages the procurement, storage, sale, and marketing of petroleum products and lubricants.
According to Arab News, the CCP authorized the merger as it sought out the acquisition wouldn’t assert “dominance” of the company in the current market landscape.
“Aramco’s acquisition indicates a significant milestone in Pakistan’s energy sector, bringing advanced expertise and technology to the fuels retail market. This development is expected to boost competition, elevate service standards, and provide consumers with a broader range of high-quality products,” stated the entity.
Aramco has been in constant search for growth opportunities in various markets recently. Apart from this development, the firm acquired Esmax in Chile, local Petrobras licensee, and was rumored to acquire Shell’s service station business in Malaysia.
