TWO Saudi Arabia-based petroleum companies the Arabian American Oil Company (Aramco) and Wafi Energy have announced significant investments in Pakistan`s petroleum industry. I firmly believe that this is a rather good omen for Pakistan`s economy.
Aramco is one of the world`s largest integrated companies dealing with energy and chemicals. It completed the acquisition of a 40 per cent stake in Gas and Oil Pakistan Ltd. (GO) in May 2024.Now, Aramco petrol pumps can be seen in Lahore and Islamabad. On its part, Wafi Energy has acquired a majority stake in what used to be Shell Pakistan. This acquisition marks a significant investment in the national energy sector.
Aramco and Wafi will now compete with Pakistani oil marketing companies (OMCs) by introducing advanced technology and expertise in the fuel retail market, enhancing service standards and product quality. This competition is expected to benefit the consumers. In the times ahead, these strategic investments by Aramco and Wafi will significantly strengthen Pakistan`s economic growth.
Aramco`s stake in GO will boost the energy sector and attract foreign direct investment, while Wafi`s commitment to expanding its presence will enhance the energy infrastructure. Together, these efforts will create jobs, and drive sustainable economic development.
