Aramco to acquire a 40% stake in Gas & Oil Pakistan
DHAHRAN, Saudi Arabia, Dec. 13, 2023 /PRNewswire/ — Aramco, one of the world’s leading integrated energy and chemicals companies, today signed definitive agreements to acquire a 40% 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.
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 Y. 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.”
About Aramco
Aramco is a global integrated energy and chemicals company. We are driven by our core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com
Disclaimer
The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “can have,” “likely,” “should,” “could,” and other words and terms of similar meaning or the negative thereof. Such forward looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward looking statements, including the following factors: international crude oil supply and demand and the price at which it sells crude oil; the impact of pandemics or infectious diseases on business and economic conditions and on supply and demand for crude oil, gas and refined and petrochemical products; competitive pressure; climate change concerns and impacts; weather; cyclicity of gas, oil, refining and petrochemical sectors; terrorism and armed conflict; adverse economic or political developments; operational risks and hazards in the oil and gas, refining and petrochemicals industries; any significant deviation or changes in existing economic and operating conditions that could affect the estimated quantity and value of the Company’s proved reserves; losses from risks related to insufficient insurance; the Company’s ability to deliver on current and future projects; comparability amongst periods; the Company’s ability to realize benefits from recent and future acquisitions, including with respect to SABIC; risks related to operating in several countries; the Company’s dependence on its senior management and key personnel; the reliability and security of the Company’s IT systems; litigation to which the Company is or may be subject; risks related to oil, gas, environmental, health and safety and other regulations that impact the industries in which the Company operates; risks related to international operations, including sanctions and trade restrictions, anti-bribery and anti-corruption laws and other laws and regulations; risks stemming from requirements to obtain, maintain, and renew governmental licenses, permits, and approvals; risks stemming from existing and potential laws, regulations, and other requirements or expectations relating to environmental protection, health and safety laws and regulations, and sale and use of chemicals and plastics; potential changes in equalization compensation received in connection with domestic sales of hydrocarbons; potential impact on tax rates if the Company does not separate its downstream business in a timeframe set by the Government of Saudi Arabia; risks related to Government-directed projects and other Government requirements, including those related to Government-set maximum level of crude oil production and target Maximum Sustainable Capacity (MSC); as well as the importance of the hydrocarbon industry to the Government; political and social instability and unrest and actual or potential armed conflicts in the regions in which the Company operates and other areas; interest and exchange rate fluctuations; risks arising should the Government eliminate or change the pegging of SAR to the U.S. dollar; and other risks and uncertainties that could cause actual results to differ from the forward looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Saudi Stock Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Saudi Stock Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward–looking statements.
