Competition Commission of Pakistan (CCP) said on Monday that Saudi Arabian oil refiner Aramco has acquired a 40 percent stake in GoPetroleum, a major step for Saudi investment in Pakistan.
SSP said that Aramco Asia Singapore Pvt Ltd is owned by the Kingdom of Saudi Arabia Aramco (KSA).
“Aramco is a global leader in the integrated energy and chemical industry. This transaction is Aramco’s first foray into Pakistan’s fuel retail market,” he said. Gas and Oil Pakistan Limited, i.e. GoPakistan, is a licensed company operating in Pakistan.
This acquisition will bring much-needed foreign direct investment into Pakistan’s energy sector and contribute to economic growth and development.
Who owns Aramco?
Officially the Saudi Arabian Oil Group or simply Aramco, Saudi Aramco is a state-owned oil and natural gas company headquartered in Dhahran.
Aramco Asia Singapore Pte. Ltd., a Singapore company wholly owned by Saudi Aramco. submit a pre-merger application to the CCP. The company is engaged in the exploration, exploration, drilling, extraction, processing, production, processing and marketing of hydrocarbons, sales, marketing, procurement, logistics and related services.
Targeting Pakistan, GO is a licensed oil marketing company operating in Pakistan. It is involved in the purchase, storage, marketing and sale of petroleum products and lubricants. GO is also a popular operator of downstream fuel, lubricants and convenience stores, making it one of the largest retail and warehouse companies in Pakistan.
