Special Report
ISLAMABAD: Saudi Aramco, the world’s largest oil marketing company, is gearing up to enter the Pakistani market by acquiring all shares of Pakistan Limited (SPL) in a significant move for the country’s oil industry.
This development marks a crucial milestone in Pakistan’s pursuit of expanding business with friendly nations, with the full support of its allies.
Saudi Aramco’s entry into Pakistan’s oil sector holds immense potential for growth and improvement in the country’s oil marketing services. The move comes as a result of the strategic role played by friendly countries in facilitating Aramco’s establishment in Pakistan.
Sources reveal that Saudi Aramco plans to buy the shares of Shell Furthermore, Abu Dhabi has expressed interest in acquiring 50% of the shares of Total PARCI in PARCO Refinery.
In line with its commitment to friendly nations, Pakistan has also made arrangements to transfer the Pakistan International Container Terminal (PICT) to Abu Dhabi under a government-to-government agreement through government transaction act. This transition, initiated after the completion of a 21-year lease with a Philippine company, signifies Pakistan’s dedication to strengthening its ties with Abu Dhabi and its allies. Furthermore, a friendly has expressed interest to RLNG power plants of Pakistan.
It is noteworthy that Shell Pakistan recently announced its intention to exit the country and sell 77% of its shares, initially causing concerns in Pakistan’s oil sector. However, the arrival of Saudi Aramco is expected to bring substantial growth to the industry.
