Home Industry Energy Aramco completes acquisition of 40% stake in Gas & Oil Pakistan Aramco’s significant pickup of a stake in Gas & Oil Pakistan was first announced in December last year by Marisha Singh June 2, 2024 Image credit: Getty Images Saudi Arabia’s state oil giant Aramco has successfully acquired a 40 per cent equity stake in Gas & Oil Pakistan (GO), marking the company’s first foray into the downstream retail sector in Pakistan. This acquisition, initially announced in December 2023, signifies Aramco’s expanding footprint in emerging markets as well as high-consumption markets. In a press statement, Saudi Aramco highlighted the strategic importance of this investment. “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,” stated Yasser Mufti, executive vice president of Products and Customers at Saudi Aramco. He emphasised the benefits of combining resources and expertise with GO to explore new opportunities and further enhance the Aramco brand internationally. This move follows Aramco’s recent acquisition in March of a 100 per cent equity stake in Esmax Distribucion SpA, a leading downstream fuels and lubricants retailer in Chile. These acquisitions underscore Aramco’s commitment to broadening its global retail presence and diversifying its portfolio. Aramco’s secondary offering In addition to these strategic investments, Saudi Aramco announced on May 30 its plans to sell 1.545 billion shares, valued at over $10bn. The secondary public offering, which constitutes approximately 0.64 per cent of the company’s issued shares, is set to commence on June 2, with an expected price range between SAR26.70 and SAR29 ($7 to $7.70). Read: Aramco’s $10bn secondary offering set for Sunday, says report Financially, Saudi Aramco reported a net profit of $27.27bn for the first quarter of 2024, a 2.04 percent increase from the previous quarter. The company’s total revenue for the first three months of the year reached $107.21bn, with an operating income of $58.88bn. Despite a challenging market environment, a report by Brand Finance in April highlighted that Saudi Aramco remains the Middle East’s most valuable brand, with a brand value of $41.5bn. This valuation, though reflecting an 8 percent decline due to lower crude oil prices and sales volumes, underscores the company’s dominant position in the region. Saudi Aramco’s continued strategic investments and robust financial performance indicate its commitment to strengthening its global market position and enhancing shareholder value. Tags aramco Gas & Oil Pakistan You might also like Aramco plans to maintain 10% stake in Renault-Geely JV, eyes more partnerships Global petrochemical firms shape up in oversupply crisis Oil giant Aramco to acquire additional 22.5% stake in Petro Rabigh Petrochemicals giant SABIC posts 85% second-quarter profit leap