Saudi Aramco has successfully acquired a 40 percent equity stake in Gas & Oil Pakistan, marking the company’s first downstream retail investment in Pakistan. This strategic move is part of Aramco’s ongoing global retail expansion, which the company highlighted in a press statement.
First announced in December 2023, the acquisition underscores Aramco’s ambition to establish a significant presence in high-value markets. Yasser Mufti, Executive Vice President of Products and Customers at Saudi Aramco, emphasized the importance of this acquisition in Aramco’s expansion strategy.
“Our global retail expansion is gaining pace, and this acquisition is an important next step on our journey. Through our strategic partnership with GO, we look forward to supplying Aramco’s high-quality products and services to valued customers in Pakistan,” said Mufti. He added, “We are also delighted to welcome another high-caliber addition to Aramco’s growing network of global partners and look forward to combining our resources and expertise to unlock new opportunities and further grow the Aramco brand overseas.”
This acquisition follows Aramco’s recent purchase of a 100 percent equity stake in Esmax Distribucion SpA, a leading diversified downstream fuels and lubricants retailer in Chile, in March.
In financial news, on May 30, Saudi Aramco announced plans to sell 1.545 billion shares worth more than $10 billion. The company’s statement detailed a “secondary public offering of 1.545 billion shares,” with an expected price range between SR26.70 and SR29 ($7 to $7.70). The sale, representing approximately 0.64 percent of the company’s issued shares, is set to commence on June 2.
Saudi Aramco has also reported a strong financial performance in the first quarter of 2024. The company’s net profit reached $27.27 billion, a 2.04 percent increase compared to the last quarter of 2023. Total revenue for the three months ending in March was $107.21 billion, with operating income amounting to $58.88 billion.
In April, a report by Brand Finance revealed that Saudi Aramco remains the Middle East’s most valuable brand, valued at $41.5 billion. Despite an 8 percent drop in brand value, attributed to a decline in crude oil prices and lower sales volumes, Aramco continues to dominate the region.
This series of strategic acquisitions and robust financial results highlights Saudi Aramco’s commitment to expanding its global footprint and maintaining its position as a leading energy company.
