Saudi oil giant Aramco has established its first branded gas station in Pakistan, in the eastern city of Lahore. This follows the acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd, one of the largest petroleum companies in the country. Through this partnership, Aramco hopes to use its international experience of retailing premium fuel products in the Pakistani market while using an already established network of over 1,200 fuel stations by its partner.
The new Aramco branded stations will provide customers with high-end fuel, quality lubricants, expert automotive services, and also modern convenience stores for a richer experience with higher standards at Aramco. The company’s expansion is part of a “downstream growth story”, said Yasser M. Mufti, an executive vice president of products and customers, and in this expansion, the country of Pakistan, which showed significant growth potential, attracted the attention of the corporation.
“This joint venture will enable us to ensure the right supplies and bring international class retail to the fore,” Mufti said while elaborating on Aramco’s commitment to quality, innovation, and engagement with communities.
CEO GO, Khalid Riaz, also shared the same opinion. He was of the opinion that with this, the company could set a new benchmark in the retail fuel sector in Pakistan. “Along with Aramco, we aim to bring in quality standards in the retail fuel sector about quality, service, and customer satisfaction,” said Riaz.
The cooperation underlines the greater economic cooperation between Pakistan and Saudi Arabia, which lies in trade, defense, and cultural relations. Saudi Arabia is also the country hosting more than 2.7 million Pakistani expatriates and is a major remittance source for Pakistan. The two countries have furthered their investment relations; Saudi Arabia has agreed this year to a $5 billion investment package to shore up Pakistan’s economy.
Aramco’s entry into the Pakistani retail market dovetails with the overall commitment of the Kingdom to expand mutual trade and investment and further anchor its economic footprint in the South Asian country.
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