Saudi Aramco announced today, Friday, the completion of the acquisition of a 40% stake in Pakistan Gas and Oil Company Limited (GO), in a step to achieve further expansion of its global investment in the field of fuel retail.
Go Company operates in the field of fuel, lubricants and various stores in Pakistan, and owns more than 1,200 retail gas stations.
The acquisition, which was first announced in December 2023, represents Saudi Aramco’s first retail investment in Pakistan, according to the Saudi Press Agency.
Last March, Aramco also acquired a 100% stake in ESMAX Fuel Distribution Company (SPE), in Chile.
The company says that this acquisition represents an advanced step in its journey, which is witnessing a significant acceleration in global expansion in the field of retail fuel sales.
Orders to purchase Aramco shares
Meanwhile, next Sunday morning, Saudi Arabia will begin receiving orders to purchase shares worth up to $13.1 billion in Aramco, in a major test of the interest of international investors, according to what Reuters reported.
In a long-awaited announcement, the Kingdom and Aramco revealed yesterday, Thursday, details of plans to sell up to 0.7% of the state oil company’s shares, with 10% of the offering allocated to individual investors, based on demand.
Orders will continue to be received until June 6, with the deal price being determined the next day.
The sale comes at a time when stock offerings globally have reached $247.4 billion since the beginning of the year to date, the highest level since 2021, according to data from the Dealogic analytics platform.
