ISLAMABAD – Aramco, one of the world’s leading integrated energy and chemicals companies, acquired 40pc stake in GO Pakistan, and now there were reports of Saudi oil giant entering retail petroleum market of Pakistan.
Online posts claimed Aramco’s first branded retail petroleum outlet was launched in capital city Islamabad, but the buzz turned out to be concocted.
Zeeshan Tayyeb, Chief Operating Officer, Gas & Oil Pakistan Ltd (GO) said ‘No Aramco site has been commissioned anywhere in Pakistan so far, and that a formal announcement will be made in this regard at an appropriate time.’
He made the remarks to a misleading picture and news circulating on social media. GO a business partner of the Saudi oil giant Aramco, in Pakistan, has said that no site has been commissioned and the picture is of some other site outside Pakistan.
Aramco, one of the world’s leading integrated energy and chemicals companies completed its acquisition of a 40% equity stake in Gas & Oil Pakistan Ltd. earlier this year.
GO is a diversified downstream fuels, lubricants and retail store operator in Pakistan with a network of more than 1,200 retail fuel stations.
Last year, Aramco acquired stake in Gas & Oil Pakistan Ltd. (GO), marking its first retail investment in Pakistan’s downstream sector. This acquisition, approved by Pakistan’s Competition Commission, highlights Aramco’s growing presence in key markets. Yasser Mufti, Aramco’s Executive VP, emphasised the importance of this partnership in expanding the company’s global retail network and delivering high-quality products to Pakistan.
Pakistan and Saudi Arabia maintain strong business ties, both sides signed $21 billion in investment deals, including projects for an Aramco refinery and petrochemical complex.
