Officials from GO and Aramco during the agreement signing ceremony. Credit: Saudi Arabian Oil Co.

Saudi Arabian Oil Company (Aramco) has agreed to acquire a 40% stake in GO, a downstream fuels, lubricants and convenience stores operator.

Financial terms of the deal were undisclosed.

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GO has a network of more than 1,100 retail outlets in Pakistan providing petrol, diesel and lubricants.

Aramco said the acquisition marks its entry into the Pakistani fuels retail market.

The transaction also advances Aramco’s strategy to reinforce its global downstream value chain. 

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Aramco downstream president Mohammed Y Al Qahtani said: “Our second planned retail acquisition this year aligns with Aramco’s downstream expansion strategy, with a clear path ahead for growing an integrated refining, marketing, lubricants, trading and chemicals portfolio worldwide.

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“GO has a significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan.”

The deal is subject to certain customary conditions, including regulatory approvals.

Aramco said the acquisition will allow it to secure additional outlets for its refined products while providing new market opportunities for Valvoline-branded lubricants.

Earlier this year, Aramco acquired Valvoline’s lubricants unit, Valvoline Global Products (VGP), for $2.65bn (SR9.94bn).

Valvoline Global Products is engaged in the production and distribution of automotive chemicals and automotive, commercial and industrial lubricants.

At that time, Qahtani said: “This acquisition will advance our international lubricants growth strategy, and leverage our global base oils production and research and development capabilities.”

In October 2023, Bloomberg News reported that Aramco was looking to acquire Shell’s assets in Pakistan, which could be valued at around $200m in a deal.

Aramco was assessing the UK energy company’s assets including Shell Pakistan.