Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Aramco to acquire 40% stake in GO

The planned acquisition is Aramco’s first entry into the Pakistani fuels retail market. (Aramco)
  • This is Aramco's first entry into the Pakistani fuels retail market, advancing the company’s strategy to strengthen its downstream value chain internationally, the company said.
  • This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants

Riyadh, Saudi Arabia — Saudi energy giant Aramco will acquire a 40 percent equity stake in Gas & Oil Pakistan Ltd (GO). 

GO, a diversified downstream fuels, lubricants and convenience stores operator, is one of the largest retail and storage companies in Pakistan. The transaction is subject to certain customary conditions, including regulatory approvals.

The planned acquisition is Aramco’s first entry into the Pakistani fuels retail market, advancing the company’s strategy to strengthen its downstream value chain internationally, Aramco said in a statement.

This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants, following Aramco’s acquisition of the Valvoline Inc. global products business in February 2023. 

Mohammed Al Qahtani, Aramco Downstream President, said, “Our second planned retail acquisition this year aligns with Aramco’s downstream expansion strategy, with a clear path ahead for growing an integrated refining, marketing, lubricants, trading and chemicals portfolio worldwide. GO has a significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan.”