Jadwa Investment Company has entered a deal with Mobil Petroleum Company (ExxonMobil) to acquire its 30 percent interest in the Saudi Aramco Lubricating Oil Refining Company (Luberef).

Saudi Aramco owns 70 percent of Luberef.

King & Spalding, a leading international law firm, advised Jadwa on the deal.

Jadwa chairman Prince Faisal bin Salman bin Abulaziz said: “This transaction exemplifies the growth ability of the Saudi private sector to participate in complex and strategic areas of the economy. Jadwa’s new partnership with Saudi Aramco and our common interest in growing Luberef will meet national policy goals of job creation for Saudis and expansion of private sector involvement.”

Riyadh-based Jadwa Investment is a Saudi closed joint stock company operating under the supervision of the Saudi Arabian Capital Markets Authority (CMA). Under the CMA decision published on August 21, 2006, Jadwa was awarded a license to offer all types of investment services including:  dealing, managing, custody, arranging and advising.

All investment services offered by Jadwa Investment are supervised by a Shari’ah Supervisory Board and are fully Shari’ah-compliant.

The King & Spalding legal team representing Jadwa in the transaction consists of partners Philip R Weems and Benjamin R Newland, counsel Gene Anne Herrin and senior associates Wael M. Wahbeh and Nabil A Issa. All are in King & Spalding’s Dubai office except for Herrin, who is in the firm’s Houston office. - TradeArabia News Service