The Competition Commission of Pakistan (CCP) Monday said that Aramco, a Saudi petroleum refineries company, acquired the 40 percent stake in GoPetroleum, making it a significant step toward the Saudi Arab investment in Pakistan.
The CCP said Aramco Asia Singapore Pvt Ltd is a company and wholly owned by Aramco Company of Kingdom of Saudi Arabia (KSA).
“Aramco is a global leader in integrated energy and chemicals. The transaction is Aramco’s first entry into Pakistan's fuel retail market,” the statement reads. Gas and Oil Pakistan Limited i.e. GoPakistan is a licensed company operating in Pakistan.
The acquisition will bring in the much-needed foreign direct investment in Pakistan’s energy sector, contributing to economic growth and development.
Who owns Aramco?
Saudi Aramco, officially the Saudi Arabian Oil Group or simply Aramco, is a state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia, headquartered in Dhahran.
Aramco Asia Singapore Pte. Ltd., a Singaporean company wholly owned by Saudi Aramco, filed the pre-merger application with the CCP. The company specializes in sales, marketing, procurement, logistics, and related services, with a focus on prospecting, exploring, drilling, extracting, processing, manufacturing, refining, and marketing hydrocarbon substances.
GO, the target Pakistani company, is a licensed oil marketing company operating in Pakistan. It is involved in the procurement, storage, sale, and marketing of petroleum products and lubricants. GO is also a prominent operator of downstream fuels, lubricants, and convenience stores, making it one of Pakistan’s largest retail and storage companies.
