KARACHI: Saudi oil giant, Aramco, has completed the acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd. (GO), Aramco said on Friday, officially marking the Saudi company’s entry into Pakistan’s fuel retail market.
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, while GO is involved in the procurement, storage, sale, and marketing of petroleum products and lubricants. GO is also one of Pakistan’s largest retail and storage companies.
The Saudi oil giant signed the agreement to acquire stake in GO in Dec. 2023, which was approved by the Competition Commission of Pakistan (CCP) last month. The acquisition represents Aramco’s first downstream retail investment in Pakistan and signals the company’s growing retail presence in high-value markets.
“Our global retail expansion is gaining pace and this acquisition is an important next step on our journey. Through our strategic partnership with GO, we look forward to supplying Aramco’s high-quality products and services to valued customers in Pakistan,” Yasser Mufti, Aramco’s executive vice president of products and customers, was quoted as saying in an Aramco statement.
“We are also delighted to welcome another high-caliber addition to Aramco’s growing network of global partners, and look forward to combining our resources and expertise to unlock new opportunities and further grow the Aramco brand overseas.”
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.
In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during the visit of Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Both countries have lately been working to increase bilateral trade and investment, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.
Saudi Aramco completes acquisition of 40% stake in Gas & Oil Pakistan
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Saudi Aramco completes acquisition of 40% stake in Gas & Oil Pakistan
- The Saudi oil giant signed the agreement to acquire stake in GO in Dec. 2023, which was approved by the Competition Commission of Pakistan (CCP) last month
- Pakistan, Saudi Arabia have lately been working to increase bilateral trade and investment, and the Kingdom recently reaffirmed expediting $5 billion investment
Pakistan team creates world record for lowest target defended in first-class cricket
- PTV dismissed Sui Northern Gas for 37 while defending a target of 40, winning the President Trophy
- Previous record dated back to 1794, when England’s Oldfield defended a 41-run target against MCC
KARACHI: A Pakistan’s domestic team created a world record of defending the lowest target in all first-class cricket when they stopped the opposition in a chase of just 40 runs.
Pakistan Television (PTV), defending champions in the President Trophy, shot Sui Northern Gas (SNGPL) for a paltry 37 to win the match by a mere two runs on day three of the four-day game.
This becomes a new record in 253 years of first-class cricket, beating England’s Oldfield’s 1794 feat when they successfully defended 41 against MCC at the Lord’s Old Ground to win by six runs.
PTV’s head coach Mohammad Waseem praised his team’s historic effort.
“I am delighted with my team’s world record effort,” Waseem, a former Pakistan player, told AFP. “My team’s motto is to never give up, fight till the last ball.
“This is the not the first time, we have won all our three matches coming from well behind by remaining positive in all situations.”
The star-studded SNGPL batting led by Pakistan Test captain Shan Masood were bowled out in 19.4 overs with just one batter Saifullah Bangash crossing double figures with 14.
Masood was out without scoring while Test players, Mohammad Ali made six and spinner Sajid Khan just three.
Pakistan’s international players Omair Bin Yousuf made six and Abdul Samad five.
For the winners, left-arm spinner Ali Usman wrecked the batting with 6-9 and pacer Ammad Butt took 4-28 — the only two bowlers used in their second innings.
SNGPL’s head coach is former Pakistan Test skipper Misbah-ul-Haq with another former captain Azhar Ali their batting coach.
