The Competition Commission of Pakistan (CCP) announced on Monday that Aramco, a leading Saudi petroleum refineries company, has acquired a 40% stake in GoPetroleum, marking a significant stride in Saudi Arabian investment in Pakistan's energy sector.
Aramco Asia Singapore Pvt Ltd, a wholly-owned subsidiary of Saudi Aramco, spearheaded the transaction, marking Aramco's inaugural foray into Pakistan's fuel retail market. This move is anticipated to stimulate foreign direct investment in Pakistan's energy sector, thereby bolstering economic growth and development.
Saudi Aramco, the state-owned petroleum and natural gas company of Saudi Arabia, is renowned globally for its expertise in integrated energy and chemicals. The acquisition signifies Aramco's strategic entry into Pakistan's energy landscape.
GoPetroleum, also known as Gas and Oil Pakistan Limited, is a licensed oil marketing company operating in Pakistan, engaged in the procurement, storage, sale, and marketing of petroleum products and lubricants. With its extensive reach in downstream fuels, lubricants, and convenience stores, GoPetroleum stands as one of Pakistan's foremost retail and storage entities in the energy sector.