Gulf Oil Acquires Saudi Lubricants Firm
Posted on: Thursday, 15 November 2007, 09:00 CST
Gulf Oil International and its joint venture partner in Saudi Arabia, the Dabbagh Group, have purchased 100% of the Saudi Arabian Lubricating Oil Company, also known as Petromin. According to the Wall Street Journal, the purchase price amounts to $200 million.
In addition to producing finished lubes and greases in Saudi Arabia, Petromin exports products to over 20 countries. The Petromin brand had been a joint venture between Saudi Aramco, which owned 71% of Petromin's shares, and ExxonMobil, which owned the remaining 29% of the company.
Gulf Oil said that the acquisition will consolidate its Saudi Arabian operations and will also provide it with greater synergies in the Middle East and Africa. Recently, the Gulf operations in Dubai acquired 100% of its lubricant plant in Jebel Ali.
Source: Datamonitor
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