Logo of Saudi Aramco Base Oil Co. (Luberef)
Saudi Aramco Base Oil Co. (Luberef) signed today, Oct. 10, four several Memoranda of Understanding (MoUs) with APAR, a leading multinational industrial manufacturer; the National Oil and Chemical Company (CHEMAOIL), a reputed supplier of quality industrial oils; Petromin Corporation, a leading Saudi multi-national company for advanced lubricants, cutting edge multi-modal mobility, and a sustainable transportation solutions provider; and Day Candle, a key Saudi Arabian wax product manufacturer.
These MoUs will pave the way for a variety of new specialty production facilities at Luberef’s Yanbu Lubricants Value Park (LubeHUB), which is set to enable the localization of specialty product manufacturing in the Kingdom. A strategically located center of excellence, LubeHUB aims to unite a multitude of specialty product producers and operators associated with the base oil industry.
The MoUs were signed on the sidelines of Luberef’s participation in the 17th ICIS Middle Eastern Base Oils & Lubricants Conference. Organized by the Independent Commodity Intelligence Services (ICIS), the conference was held at the Ritz-Carlton Jeddah.
These MoUs that will help us significantly expand the company’s scope of operations at LubeHUB, our planned lubricant production park in Yanbu, said Tariq Al Nuaim, President & CEO of Luberef.
Production capacity of 1.3 million metric tons per annum, Luberef holds a unique position in the Middle East producing high-performance base oils for critical applications within automotive, marine, and other industrial sectors.
Luberef is 70%-owned by Saudi Aramco. The remaining 30% stake is held by Jadwa Industrial Investment Co.
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