Arab Press

بالشعب و للشعب
Friday, Aug 22, 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

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×