Saudi Aramco, the world’s largest integrated energy and chemicals company, has completed the acquisition of a 40% stake in Gas & Oil Pakistan, a diversified downstream fuels, lubricants, and convenience stores operator.

GO, one of the largest retail and storage companies in Pakistan, boasts a network of over 1,100 retail outlets across the country, providing petrol, diesel, and lubricants to customers.

The acquisition, first announced in December 2023, represents Saudi Aramco’s first major downstream retail investment in Pakistan and signifies 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,” said Yasser Mufti, Aramco Executive Vice President of Products & Customers. “Through our strategic partnership with GO, we look forward to supplying Aramco’s high-quality products and services to valued customers in Pakistan.”

Mufti also expressed delight in welcoming GO as a new addition to Aramco’s growing network of global partners, expressing confidence in the company’s ability to combine resources and expertise to unlock new opportunities and further grow the Aramco brand internationally.

The acquisition was previously approved by the Competition Commission of Pakistan (CCP) last month. Earlier in March, Aramco had also acquired a 100% equity stake in Esmax Distribución SpA, a leading diversified downstream fuels and lubricants retailer in Chile.

Experts have hailed the acquisition as a positive development for Pakistan, a country that has long struggled to attract foreign direct investment (FDI). In the current fiscal year (FY24), the country has seen a slight increase in FDI inflows compared to the corresponding period in the previous fiscal year (FY23), underscoring the importance of such investments for the South Asian nation.