The Pakistan Credit Rating Agency Limited
20-Aug-26
Analyst
Ahsan Zahid
ahsan.zahid@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Debt Instrument Rating | Sep-25
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
Related Research
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PACRA Suspends the Rating of Gas & Oil Pakistan Limited - PPSukuk - PKR 5.0bln - TBI
| Rating Type | Debt Instrument | |
|
Current (20-Aug-26 ) |
Previous (14-Feb-26 ) |
|
| Action | Suspended | Preliminary |
| Long Term | - | AA+ |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
Gas and Oil Pakistan Limited ('GO' or 'the Company') had proposed the issuance of a long-term, rated, secured, privately placed Sukuk of up to PKR 5.0bln, including a Green Shoe Option of PKR 1.5bln, with a tenor of five years. The proposed Sukuk was expected to carry a profit rate of 3MK + 1% and was to be secured by an exclusive first charge over the Company's existing COCO and CODO assets with a 25% margin, together with an exclusive lien over the Sukuk Payment Account. The issuance of the proposed sukuk is currently on hold. The rating may subsequently be reviewed and revived once management formally decides to proceed with the issuance and the updated related information is provided.
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About
the Entity
Gas & Oil Pakistan Limited ('GO' or 'the Company') was incorporated as a public unlisted company in 2012 under the repealed Companies Act 2017. The Company has a ten-member Board; four members represent Aramco, and the other six are nominated by GO. Mr. Shahid Mehmood Khan chairs the Board, while Mr. Khalid Riaz heads the Company as the CEO. To enhance transparency, a few prominent management positions are appointed by Aramco.