Saudi Aramco owns the remaining 70% of the Saudi Aramco Lubricating Oil Refining company (Luberef).
Ahmed Al-Khateeb, MD and CEO of Jadwa, said: We are pleased that ExxonMobil has selected Jadwa as the new owner of its previous interest in Luberef, and we are excited to become a domestic joint venture partner with an organization of the stature and caliber of Saudi Aramco. Luberef has been a professionally and successfully operated business for over 30 years, and we look forward to participating in the high-quality operation and growth opportunities of Luberef for many years to come.
Luberef was founded in 1976 and is a joint venture between Saudi Aramco and ExxonMobil. It operates refineries in Jiddah and Yanbu for producing lubricating base oils. The combined design capacity of Luberef’s two refineries is 550,000 metric tons per year.
