Saudi Press

Saudi Arabia and the world
Monday, Jun 02, 2025

Luberef’s listing to propel company’s growth strategy, says top official

Luberef’s listing to propel company’s growth strategy, says top official

Describing its listing on the Saudi Stock Exchange as “an important milestone,” the Saudi oil giant Aramco’s base oil supplier Luberef sees the move as an opportunity to propel its growth trajectory.

In an exclusive interview with Arab News, Mohammed Y. Al-Qahtani, senior vice president of downstream, Saudi Aramco, said: “As an integral part of Saudi Arabia’s supply chain and a driving force in the Kingdom’s industrialization ambitions, Luberef’s listing will provide an important strategic dimension to propel the company’s growth strategy and help realize its vision to be the leading supplier of premium base oils and specialty products.”

The listing came amid a flurry of initial public offerings in Saudi Arabia and the wider Middle East. Luberef received the Kingdom’s Capital Market Authority’s nod for registration and listing of its 50 million shares, equivalent to 29.656 percent of its share capital, last month. The IPO drew strong demand from local and international investors.

It is the Kingdom’s third-largest IPO in 2022 after second-placed Nahdi Medical, Saudi Arabia’s biggest pharmacy chain, which raised $1.36 billion.

“Furthermore, the listing of Luberef on the main market of the Saudi exchange is an important milestone for the company, and a mechanism to enable the next phase of growth in a dynamic marketplace with increasing opportunities for expansion in the Kingdom and beyond,” the top Aramco official said.


Officials ringing the bell during IPO ceremony at Tadawul.

Elaborating further Al-Qahtani said: “Luberef is already an integral part of the Saudi supply chain, with its products serving critical applications in vehicles, ships, machinery, and more.

“The listing will help fuel Luberef’s growth trajectory and unlock new opportunities for all stakeholders.”

State-led IPO programs in Saudi Arabia, Abu Dhabi, and Dubai have helped equity capital markets in the Gulf Cooperation Council region, in sharp contrast to the United States and Europe, where global banks have been trimming headcount in a dealmaking drought.

With this move, Luberef joined the long list of several Aramco subsidiaries that are already listed on the Saudi stock exchange. These include Saudi Basic Industries Corp., and Rabigh Refining & Petrochemical Co.

Commenting on Luberef’s relationship with Saudi Aramco, Al-Qahtani said: “Aramco currently owns 70 percent of Luberef’s issued share capital and will retain its entire 70 percent equity stake in Luberef after IPO.”

“Luberef has long-term agreements with Aramco for the provision of its feedstock,” he added.

Earlier this year, Luberef announced that it intends to launch a new specialty production facility in Yanbu that will manufacture transformer oil and white oil used in power generation, pharmaceutical, and food businesses.

Called Lube Hub, the facility will enable the localization of these specialty products in the Kingdom. The venture will attract producers and operators of base oil-related products.

“Luberef is also a member of the Aramco base oil alliance, formed in 2019, between Aramco and its base oil producing affiliates, including S-Oil and Motiva,” he continued. “This allows Luberef to supply base oils to key markets in Asia and the Americas through our network in order to benefit from demand in other markets.”

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
×