Hundred Index traded up 383 points at 66810 points
There is a bullish trend in the Pakistan stock market on the news of the deal with Saudi oil company Aramco, a new history has been made in the Pakistan Stock Exchange.
The stock exchange crossed the 67,000-point mark during the first session, while the KS Hundred index increased by 360 points to 66,786 points. Due to profit-taking, the market could not maintain the limit of 67 thousand.
An agreement for 40 percent shares in Saudi and Pakistani oil companies was reached
Yesterday, the Saudi oil company Aramco signed an agreement with the private oil company Go to invest in Pakistan. Aramco will acquire 40 percent of the shares in the oil and gas sector of Pakistan. An agreement was signed between the private company.
Our second project this year is aligned with Aramco's downstream strategy, which is a way to develop an excellent refining, marketing, lubricants, trading, and chemicals portfolio worldwide, said President Mohammad Al Qaitani of Aramco Company.
The Pakistani private company (GO) has substantial storage capacity, high-quality assets, and growth potential, which will help launch the Aramco brand in Pakistan.
Saudi Aramco gets 40pc stake in Gas and Oil Pakistan
Aramco made its presentation in Pakistan's retail fills market on Tuesday when it inked proper plans to buy a 40 percent value position in Gas and Oil Pakistan Ltd (GO).
It is one of the top energy and compound firms on the planet and the biggest oil organization in Saudi Arabia,
Aramco and GO made a joint announcement expressing that the exchange is dependent upon normal circumstances like administrative endorsements.
GO is quite possibly one of Pakistan's greatest retailers and capacity associations which works various downstream energizes, greases, and general stores.
Aramco Downstream President Mohammed Y. Al Qahtani said the improvement depends on the organization's arrangement to enhance and grow itself.
He said, "Our second organized retail getting this year lines up with Aramco's downstream improvement framework, with a clear path ahead for growing a consolidated refining, exhibiting, oils, trading and manufactured intensifies portfolio all over the planet."
In the meantime, GO President said the organization has huge potential and it will likewise assist Aramco with marketing to grow in Pakistan.
"GO has a critical stockpiling limit, great resources, and development potential, which will assist with sending off the Aramco brand in Pakistan," he said.
Likewise, Dr. Khaqan Hassan Najeeb, a previous counsel to the money service, said that the Saudi monster's speculation would work from the viewpoint of the Pakistani oil market.
Aramco means to give billions of dollars to the Extraordinary Speculation Help Committee (SIFC), a common military association laid out to support worldwide ventures.
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