Saudi oil and gas company Aramco has concluded the acquisition of a 40% stake in Gas & Oil Pakistan (GO), marking an expansion of its downstream retail operations into Pakistan.  

Financial terms of the transaction were not disclosed.  

The deal, first announced in December 2023, is also expected to unlock new opportunities for growth and value creation within the sector, according to a statement from the Saudi energy giant.

GO, a diversified downstream operator, boasts a network of more than 1,200 retail fuel stations across Pakistan.  

The acquisition forms part Aramco's goal of enhancing its retail presence in high-value markets and follows its 100% equity stake purchase in Esmax Distribución (Esmax) from Southern Cross Group in March. 

Esmax, a Chilean company, operates in the fuel and lubricant retail sector, with operations spanning retail fuel stations, airport services, fuel distribution terminals, and a lubricant blending plant. 

Aramco executive vice-president of products & customers Yasser Mufti said: “Our global retail expansion is gaining pace and this acquisition is an important next step on our journey."

He added that via this deal with "strategic partnership with GO, we look forward to supplying Aramco’s high-quality products and services to valued customers in Pakistan".

Last week, it was reported that Aramco is among the companies now looking to acquire Shell’s downstream assets in South Africa.  

The potential deal, which could surpass $800m in total value, has also attracted the attention of several industry giants, including Abu Dhabi National Oil Company, Sasol of South Africa, Trafigura Group's Puma Energy, and Glencore.