Gulf Oil buys Saudi Petromin
Riyadh, November 12, 2007
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 per cent) and Mobil Investments (29 per cent), an affiliate of Exxon Mobil.
Sanjay Hinduja, chairman Gulf Oil International, said: “This acquisition will help Gulf Oil consolidate its presence in the growing Middle East market and will also build the platform for growth for our business in the Middle East and Africa”.
Petromin has annual sales of 80,000 tonnes and a turnover in excess of $200 million. It is is the largest manufacturer of lubricants in 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 tonnes per year lubricant plant in Yantai, Shandong province, China. – TradeArabia News Service