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 Navy launches fourth Hangor-class submarine ‘Ghazi’ in China
- As per Islamabad’s agreement with Beijing, four of eight submarines will be built in China and the rest in Pakistan
- Navy says all four submarines under construction in China undergoing sea trials, in final stages of being handed over
ISLAMABAD: The Pakistan Navy announced on Wednesday it has launched the fourth Hangor-class submarine named “Ghazi” at a Chinese shipyard in Wuhan, saying the development will help maintain peace in the region.
Pakistan’s government signed an agreement with China for the acquisition of eight Hangor-class submarines, the navy said in its press release. Under the contract, four submarines are being built in China while the remaining four will be constructed in Pakistan by the Karachi Shipyard and Engineering Works Ltd. company.
“With the launching of GHAZI, Pakistan Navy has achieved another significant milestone where all four submarines under construction in China are now undergoing rigorous sea trials and are in the final stages of being handed over to Pakistan,” the navy said.
It further said that these submarines will be fitted with advanced weapons and sensors capable of engaging targets at standoff ranges.
“Hangor-class submarines will be pivotal in maintaining peace and stability in the region,” the navy added.
Pakistan’s agreement with China is set to strengthen its naval defenses, especially as ties with arch-rival India remain tense.
India and Pakistan were involved in a four-day military confrontation in May this year before Washington intervened and brokered a ceasefire. Four days of confrontation saw the two countries pound each other with fighter jets, exchange artillery fire, missiles and drone strikes before peace prevailed.
Pakistan’s air force used Chinese-made J-10 fighter jets in May to shoot down an Indian Air Force Rafale aircraft, made by France.
The altercation between the nuclear-armed neighbors surprised many in the military community and raised questions over the superiority of Western hardware over Chinese alternatives.
Islamabad has long been Beijing’s top arms customer, and over the 2020-2024 period bought over 60 percent of China’s weapons exports, according to data from the Stockholm International Peace Research Institute.
