Saudi Aramco has signed an agreement with Gas & Oil Pakistan Ltd to acquire a 40% equity stake in the company.

In a statement posted to its website, Aramco said that the deal would help to provide new market opportunities and additional outlets for its products.

While the agreement has been called ‘definitive’ it is still subject to regulatory approvals.

Aramco is a Saudi state-owned petroleum and natural gas company and is one of the largest companies of its kind in the world.

GO is one of the largest retail and storage operators in Pakistan which works with downstream fuels and lubricants.

“GO has a significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan,” Aramco Downstream President Mohammed Y. Al Qahtani said in a statement.

He added that it was part of the company’s goal to achieving an ‘integrated refining, marketing, lubricants, trading and chemicals portfolio worldwide’.

Aramco’s statement ont he agreement said that it would provide new markets for Valvoline’s lubricants. Valvoline was acquired by Aramco in February this year.

Faced with a perpetual current account deficit, Pakistan has been looking to attract major foreign direct investment, particularly from the Gulf countries.