Gulf Oil acquires Petromin, Saudi Arabia On an expansion spree
November 12, 2007
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Country:
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Saint Pierre and Miquelon
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Gulf Oil International Ltd, a Hinduja Group company, along with its joint venture partner the Dabbagh Group in Saudi Arabia, today announced the acquisition of Petromin. Petromin is a joint venture between Saudi Aramco (71%) and Mobil Investments S.A (29%)an affiliate of Exxon Mobil.
Petromin has annual sales of 80,000 MT and a turnover in excess of US$ 200 million. Petromin is the largest manufacturer of lubricants in the Kingdom of Saudi Arabia and exports to over 20 countries.
Gulf Oil International which is on an expansion spree recently acquired a lubricant plant in Jebel Ali and is also constructing a new 50,000 ton lubricant plan in Yantai, Shandong province, China.