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 PM to attend World Economic Forum’s annual meeting in Switzerland next month
- The WEF meeting, scheduled to be held in Davos on Jan. 19-23, will focus on global challenges, public-private dialogue and cooperation
- Government, business, civil society and academia leaders will engage in forward-looking discussions to address these issues, set priorities
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif will travel to Switzerland next month to attend the 56th annual meeting of the World Economic Forum (WEF), Pakistani state media reported on Monday.
The WEF annual meeting, themed as ‘A Spirit of Dialogue,’ will be held from Jan. 19 to Jan. 23 in Davos, where world leaders from government, business, civil society and academia will engage in forward-looking discussions to address global issues and set priorities.
Prime Minister Sharif is expected to interact with global leaders and investors on economic challenges, regional and international issues and various opportunities for cooperation.
On Monday, Deputy PM Ishaq Dar presided over a meeting in Islamabad to oversee preparations for Sharif’s upcoming visit to Switzerland to attend the WEF meeting, the Radio Pakistan broadcaster reported.
“Dar instructed to maximize the engagements with the incoming Heads of States, Governments and senior leadership of economic, business and financial institutions,” the report read.
The WEF meeting program will be structured around key global challenges where public-private dialogue and cooperation, involving all stakeholders, is necessary for progress, according to the WEF website.
In addressing these challenges, growth, resilience and innovation will serve as cross-cutting imperatives, guiding how leaders engage with today’s complexity and pursue tomorrow’s opportunities.
Pakistani foreign ministry officials briefed the deputy PM about preparations for the WEF meeting, according to Radio Pakistan. The participants of Monday’s meeting in Islamabad discussed in detail the bilateral component and media engagements during the visit.
“He [Dar] further stressed that opportunities be explored to foster collaboration with private sector business entities,” the state broadcaster said.
