Aramco Base Oils Company “Luberef” obtains approval to offer 29.6% for public subscription

Aramco Base Oils Company “Luberef” obtains approval to offer 29.6% for public subscription
Aramco Base Oils Company “Luberef” obtains approval to offer 29.6% for public subscription

Today, Thursday, the Saudi Capital Market Authority announced its approval of Saudi Aramco’s request for base oils, Luprev, to register its shares and offer 50.045 million shares for public subscription, representing 29.656% of the company’s total shares.

Luberef was established in 1976 in Jeddah as a joint venture between Petromin and Mobil. According to the “Luberef” website, its ownership is shared between Saudi Aramco 70% and Jadwa Industrial Investment Company 30%.

Luprev is the sole producer of unrefined base oils in the Kingdom, and is focused on producing base oils from its facilities located on the Kingdom’s west coast.

The company’s annual production capacity is 1.3 million metric tons of base oils.

The company is classified as one of the largest producers of base oils in the world, and has the ability to directly export base oils to the Middle East, Pakistan and Africa, in addition to exporting to other regions, and importing the third category of base oils to the Kingdom thanks to the company’s membership in the Aramco Base Oil Alliance.

The article is in Arabic

Tags: Aramco Base Oils Company Luberef obtains approval offer public subscription

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