Aramco acquires 40pc of GO for $100m

In a first, Saudi Oil giant Aramco formally entered Pakistan’s retail market with an estimated investment of about $100 million by acquiring a 40 per cent stake in Gas & Oil Pakistan Ltd (GO) — a private entity established almost a decade ago. GO announced in a statement on Tuesday that Aramco, one of the world’s leading integrated energy and chemicals companies, signed definitive agreements to acquire a 40pc equity stake“ in GO. Although both sides did not disclose the transaction’s worth, insiders said the transaction was sealed for about $100m. GO, a diversified downstream fuels, lubricants and convenience stores operator, has a large fleet of retail outlets and storage. “The transaction is subject to certain customary conditions, including regulatory approvals”, the statement said, adding that the acquisition is Aramco’s first entry into the Pakistani fuels retail market, advancing the strategy to strengthen its downstream value chain internationally.