State-controlled oil company Saudi Aramco is planning to launch its originally marked retail corner store in Pakistan by the end of the current year.
This follows its obtaining of a 40 percent stake in Gas and Oil Pakistan Ltd. (GO) in May, denoting Aramco’s first downstream retail investment in the country.
Aramco’s venture in Pakistan comes after its new securing of Esmax Distribución SpA, a fuel and grease retailer in Chile, recently. Aramco’s media branch said: “We are planning to open Pakistan’s first gas station and will provide further details once the site is operational.”
A Pakistan Board of Investment (BOI) official added that securing the GO for Aramco marks the first step towards retail investment in Pakistan. This huge step features Aramco’s transition to develop its presence in creating markets like Pakistan.
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Aramco bought 100 percent of Esmax Distribución SpAa an organization that spends significant time in fuel and grease retailing in Chile. The VP of Items and Clients of Aramco, that’s what Yasir Mufti said: “The deal of buying Gas and Oil Pakistan LTD (GO) is a critical stage for expanding globally.”
The President further added that Aramco will give reliable items to buyers in Pakistan. In addition, this will set out new opportunities for Aramco to universally develop.
Saudi Arabia’s Crown Prince Mohammed bin Salman signed a $21 billion investment deal with Pakistan in 2019. In addition, the agreement included $10 billion and $1 billion for Aramco and the Gwadar port petrochemical complex. The two countries have decided to support trade and investment in recent months. Saudi Arabia has committed to signing a $5 billion investment deal with Pakistan in April 2024.
The acquisition, first declared in December 2023, addresses Aramco’s first downstream retail interest in Pakistan and signs the organization’s developing retail presence in high-esteem markets.”In March, Aramco also acquired a 100% value interest in Esmax Distribución SpA (“Esmax”), a leading retailer of downstream energizer and lubrication equipment in Chile,” the company said in a press release issued at the time.
In May 2024, Aramco finished the procurement of a 40 percent value stake in GO Petrol to enter Pakistan formally. GO, a main petrol organization in Pakistan centers around the procurement, storage, and sale of petroleum products and lubricants.