{"id":82811,"date":"2023-12-13T00:00:00","date_gmt":"2023-12-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2023\/12\/13\/aramco-to-enter-pakistan-through-stake-in-fuel-retailer-go\/"},"modified":"2023-12-13T00:00:00","modified_gmt":"2023-12-13T00:00:00","slug":"aramco-to-enter-pakistan-through-stake-in-fuel-retailer-go","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2023\/12\/13\/aramco-to-enter-pakistan-through-stake-in-fuel-retailer-go\/","title":{"rendered":"Aramco to enter Pakistan through stake in fuel retailer Go"},"content":{"rendered":"

Saudi Aramco made its first move into Pakistan\u2019s retail fuel market<\/strong> by signing a binding agreement to acquire a 40% stake in the oil marketing company Gas & Oil Pakistan (Go)<\/a>, according to an Aramco statement<\/a> yesterday. Information about the investment size of the potential transaction and the timeframe wasn\u2019t made public.<\/p>\n

Expanding its footprint in the Asian retail market: <\/strong>The transaction would strengthen Aramco\u2019s foothold in the Asian energy retail market, especially after closing a downstream supply-chain transaction in July<\/a> where the subsidiary Aramco Overseas Company acquired a 10% stake in China\u2019s Rongsheng Petrochemical.<\/p>\n

Aramco products to jam the shelves of Go outlets: <\/strong>If the transaction goes through, Aramco will sell refined product and Valvoline-branded automotive lubricants in Go\u2019s outlets. Aramco acquired the lubricant unit of the American producer Valvoline back in February<\/a>, in a transaction worth USD 2.7 bn.<\/p>\n

Market reax: <\/strong>Aramco\u2019s share price fell 0.3% to SAR 32.9 a piece at yesterday\u2019s close.<\/p>\n

What they<\/strong> said:<\/strong>\u201cOur second planned retail acquisition this year aligns with Aramco\u2019s downstream expansion strategy, with a clear path ahead for growing an integrated refining, marketing, lubricants, trading and chemicals portfolio worldwide. Go has a significant storage capacity, high-quality assets, and growth potential, which will help launch the Aramco brand in Pakistan,\u201d said Mohammed Al Qahtani, Aramco\u2019s downstream president. <\/p>\n

Another retail acquisition in the pipeline: <\/strong>The oil giant signed a definitive agreement in September to fully take over Chile-based fuel and lubricants retailer Esmax \u2014 the company\u2019s first retail investment in South America. Information about the investment size of the potential transaction and the timeframe wasn\u2019t made public.<\/p>\n

What\u2019s Go?<\/strong> The oil marketing company operates a network of 1.1k filling stations outlets across Pakistan with a storage capacity of 200k metric tonnes, selling gasoline, diesel and automotive lubricants, according to the company\u2019s website. It also runs EV charging stations, vending machines, forecourt advertising, currency exchange services, pharmacies, ATMs, and restaurants at its facilities. <\/p>\n

Wafi Energy beat Aramco to Shell Pakistan? <\/strong>While Aramco was reportedly mulling a potential bid for Shell\u2019s assets in Pakistan, the European oil major agreed last month<\/a> to sell a 77% majority stake in Shell Pakistan to Saudi-based Wafi Energy<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

GO operates a network of 1.1k fuel retail outlets across Pakistan<\/p>\n","protected":false},"author":1,"featured_media":82812,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[139,10,14,87,678,4401,679],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-aramco","tag-enterpriseam-ksa","tag-ma-watch","tag-oil-and-gas","tag-pakistan","tag-petrochem","tag-valvoline","wpautop","entry"],"acf":{"mongo_id":"1fc623a9-e8b6-40c2-9300-df1fdc157851","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/867.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Aramco enters Pakistan with the acquisition of a 40% stake in fuel retailer Go","related_issue":[82804],"teaser":"GO operates a network of 1.1k fuel retail outlets across Pakistan","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.7312adfa-8035-4065-8699-eb495a110b83.mp3"},"yoast_head":"\nAramco to enter Pakistan through stake in fuel retailer Go - 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