KARACHI: Saudi oil giant, Aramco, has signed an agreement to acquire a 40 percent equity stake in Gas & Oil Pakistan Limited (GO), Aramco said on Tuesday, marking the Saudi state-owned company’s foray into the Pakistani fuel retail market.
GO, a diversified downstream fuels, lubricants and convenience stores operator, is one of the largest retail and storage companies in the South Asian country.
Aramco said the deal will help secure additional outlets for its refined products and provide new market opportunities for Valvoline-branded lubricants, following its acquisition of the Valvoline Inc. global products business in Feb. 2023.
The planned acquisition is subject to certain customary conditions, including regulatory approvals, to advance the Saudi oil giant’s strategy to strengthen its downstream value chain internationally.
“Our second 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,” Aramco quoted its Downstream President Mohammed Y. Al-Qahtani as saying in a statement.
“GO has a significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan.”
Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply and develops cutting-edge energy technologies.
GO commenced its operation in 2015 after Pakistan’s Oil and Gas Regulatory Authority (OGRA) granted permission to initiate sales and marketing of petroleum products in Punjab. The company currently operates 1,000 retail outlets across the South Asian country.
The development comes at a time when Saudi Aramco is already in talks with Pakistani authorities for setting up an oil refinery and a petrochemical complex in Pakistan.
Pakistan’s caretaker energy minister, Muhammad Ali, last month told Arab News his government was actively engaged with Saudi authorities on the multibillion-dollar Aramco oil refinery project and expecting progress on the project in the next few months.
In 2019, Pakistan and Saudi Arabia had signed seven agreements, worth $21 billion, during an official visit of Saudi Crown Prince Mohammed bin Salman. The deals included around $10 billion for the Aramco oil refinery and $1 billion for the petrochemical complex project in southwest Pakistan.
Last month, Shell Pakistan (SPL) also signed a deal with Saudi Arabia’s Wafi Energy to sell its domestic operations after Shell Global announced its exit from Pakistan in June, with the sale of 77 percent shareholding in the local business.
Wafi is a fast-growing retail gas station network and sole licensee of Shell Retail Network (Gas Stations) in the Kingdom of Saudi Arabia. Based in Riyadh, the company was incorporated in Sept. 2012, with a paid-up capital of 3 million Saudi riyals.
Saudi Aramco enters Pakistan with the acquisition of 40% stake in GO petroleum company
https://arab.news/juf98
Saudi Aramco enters Pakistan with the acquisition of 40% stake in GO petroleum company
- Planned acquisition is Aramco’s first entry into Pakistan’s fuel retail market in bid to strengthen its downstream value chain
- Pakistan, Aramco are also in talks for setting up mega oil refinery and petrochemical complex in Pakistan’s Balochistan province
Gulf-EU value chain integration signals shift toward long-term economic partnership: GCC secretary general
RIYADH: Value chains between the Gulf and Europe are poised to become deeper and more resilient as economic ties shift beyond traditional trade toward long-term industrial and investment integration, according to the secretary general of the Gulf Cooperation Council.
Speaking on the sidelines of the World Governments Summit 2026 in Dubai, Jasem Al-Budaiwi said Gulf-European economic relations are shifting from simple commodity trade toward the joint development of sustainable value chains, reflecting a more strategic and lasting partnership.
His remarks were made during a dialogue session titled “The next investment and trade race,” held with Luigi Di Maio, the EU’s special representative for external affairs.
Al-Budaiwi said relations between the GCC and the EU are among the bloc’s most established partnerships, built on decades of institutional collaboration that began with the signing of the 1988 cooperation agreement.
He noted that the deal laid a solid foundation for political and economic dialogue and opened broad avenues for collaboration in trade, investment, and energy, as well as development and education.
The secretary general added that the partnership has undergone a qualitative shift in recent years, particularly following the adoption of the joint action program for the 2022–2027 period and the convening of the Gulf–European summit in Brussels.
Subsequent ministerial meetings, he said, have focused on implementing agreed outcomes, enhancing trade and investment cooperation, improving market access, and supporting supply chains and sustainable development.
According to Al-Budaiwi, merchandise trade between the two sides has reached around $197 billion, positioning the EU as one of the GCC’s most important trading partners.
He also pointed to the continued growth of European foreign direct investment into Gulf countries, which he said reflects the depth of economic interdependence and rising confidence in the Gulf business environment.
Looking ahead, Al-Budaiwi emphasized that the economic transformation across GCC states, driven by ambitious national visions, is creating broad opportunities for expanded cooperation with Europe.
He highlighted clean energy, green hydrogen, and digital transformation, as well as artificial intelligence, smart infrastructure, and cybersecurity, as priority areas for future partnership.
He added that the success of Gulf-European cooperation should not be measured solely by trade volumes or investment flows, but by its ability to evolve into an integrated model based on trust, risk-sharing, and the joint creation of economic value, contributing to stability and growth in the global economy.
GCC–EU plans to build shared value chains look well-timed as trade policy volatility rises.
In recent weeks, Washington’s renewed push over Greenland has been tied to tariff threats against European countries, prompting the EU to keep a €93 billion ($109.7 billion) retaliation package on standby.
At the same time, tighter US sanctions on Iran are increasing compliance risks for energy and shipping-related finance. Meanwhile, the World Trade Organization and UNCTAD warn that higher tariffs and ongoing uncertainty could weaken trade and investment across both regions in 2026.
