Islamabad,Sep 13: One-eighth of the world’s oil supply produced by itself, Aramco is the top oil producer. This week, the major Saudi oil company announced the opening of its first gas station in Pakistan. In May 2024, Aramco acquired a forty percent interest in GO (Gas and Oil Pakistan LTD). It made this important move to strengthen its position as the nation’s top retailer.
Aramco’s media department stated, “We intend to open our first gas station in Pakistan. After the website becomes up, we’ll divulge further information. The aforementioned assertion was sent to Arab News via email.
Aramco’s acquisition of GO represents its initial move into retail investment in Pakistan, according to a representative of the Pakistan Board of Investment (BOI).
The Global Expansion Strategy of Aramco
Esmax Distribución SpAa is a Chilean firm that specialized in retailing fuel and lubricants. Aramco acquired 100% of the company. As stated by Yasir Mufti, Vice President of Products and Customers at Aramco, “the acquisition of Gas and Oil Pakistan LTD (GO) is a significant step for expanding globally.”
The President went on to say that Aramco will give Pakistani customers dependable products. Additionally, this will open up new doors for Aramco’s foreign expansion.
The Saudi Crown Prince, Mohammed Bin Salman, struck a $21 billion investment pact with Pakistan in 2019. The agreement also included $10 billion and $1 billion for Gwadar port’s petrochemical complex and Aramco, respectively.
In recent months, these two nations have made the decision to increase trade and investment. In April 2024, Pakistan was guaranteed $5 billion in investment from Saudi Arabia.
What do you think of Aramco’s entry into the oil market in Pakistan? Do you believe it would have a significant effect on the nation? Kindly provide us with your opinions by leaving a comment below.
