Aramco to Acquire 40% of Gas & Oil Pakistan
By Dean Seal
Saudi Arabian Oil Co., known as Aramco, has signed a deal to acquire a 40% equity stake in Gas & Oil Pakistan for an undisclosed amount.
The Saudi Arabia-owned oil company said Tuesday that Gas & Oil Pakistan is one of the largest retail and storage companies in Pakistan and a downstream fuels and convenience stores operator.
The planned acquisition, which is still subject to regulatory approval, is Aramco's first entry into the Pakistani fuels retail market.
Aramco Downstream President Mohammed Y. Al Qahtani said the acquisition aligns with Aramco's downstream expansion strategy and will help launch the Aramco brand in Pakistan.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 12, 2023 11:38 ET (16:38 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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