Saudi Aramco Expands Global Retail Presence with Acquisition in Pakistan
Riyadh: In a bold move, energy giant Saudi Aramco has finalized the acquisition of a 40 percent equity stake in Gas & Oil Pakistan, marking its first downstream retail investment in the country. This strategic move underscores Aramco’s commitment to expanding its presence in lucrative markets around the world, as stated in a recent press release.
Yasser Mufti, the executive vice president of products and customers at Saudi Aramco, expressed excitement about the partnership with GO, emphasizing the company’s dedication to providing high-quality products and services to customers in Pakistan. This acquisition signifies a significant milestone in Aramco’s global retail expansion strategy.
Following the acquisition in Pakistan, Saudi Aramco also acquired a 100 percent equity stake in Esmax Distribucion SpA, a renowned downstream fuels and lubricants retailer in Chile back in March. The company’s aggressive expansion plans demonstrate its commitment to growth and market dominance.
Another major development came on May 30, when Saudi Aramco announced its intention to sell 1.545 billion shares, valued at over $10 billion. The secondary public offering is expected to commence on June 2, with a price range between SR26.70 and SR29 ($7 to $7.70) per share.
In its financial report for the first quarter of the year, Saudi Aramco revealed a net profit of $27.27 billion, marking a 2.04 percent increase compared to the previous quarter. The company’s total revenue for the quarter stood at $107.21 billion, with an operating income of $58.88 billion.
Despite challenges posed by fluctuating crude oil prices and sales volumes, Saudi Aramco has maintained its position as the Middle East’s most valuable brand, with a brand value of $41.5 billion according to a report by Brand Finance released in April. The company’s resilience and market dominance continue to set it apart in the energy sector.