ISLAMABAD: The Competition Commission of Pakistan (CCP) approved a 40 percent equity stake acquisition in Gas & Oil Pakistan Ltd (GO) by Aramco, a global leader in integrated energy and chemicals.
This transaction marks Aramco’s first entry into the fuels retail market of Pakistan, underscoring its confidence in the country’s economic potential and its commitment to its growth.
Aramco Asia Singapore Pte. Ltd., a Singaporean company wholly owned by Saudi Aramco, submitted the pre-merger application with the CCP. The company specializes in marketing, sales, procurement, logistics, and related services, with a focus on prospecting, exploring, drilling, extracting, processing, manufacturing, refining, and marketing hydrocarbon substances.
GO Petroleum, the target Pakistani company, is a licensed oil marketing firm operating in Pakistan. It is involved in the procurement, sale, storage, and marketing of petroleum products and lubricants.
GO is also a prominent operator of downstream fuels, lubricants, and convenience stores, making it one of the country’s largest retail and storage companies.
Aramco’s Acquisition a Major Milestone in Energy Sector of Pakistan
Aramco’s acquisition indicated a major milestone in Pakistan’s energy sector, bringing advanced technology and expertise to the fuel retail market.
This development is likely to boost competition, elevate service standards, and provide consumers with a broader range of high-standard products.
The acquisition will bring in the much-needed Foreign Direct Investment (FDI) in Pakistan’s energy sector, contributing to economic growth and development.
