Advance Petroleum Services Limited Purchases Petrolube
- Pipeline
- Saudi Aramco News
- Dhahran Media
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Author: Saudi Aramco News
Released 14 November 2007
Dhahran, November 12, 2007 -- Advance Petroleum Services Limited (APSL) announced today it had purchased 100 percent of the shares in the Saudi Arabian Lubricating Oil Company (Petrolube), a lubricant blending and marketing company, from Saudi Aramco and Mobil Investments S.A., an affiliate of ExxonMobil.
Mr. Adil Tubayyeb, Desmond Carr and Engineer Hussain Dabbagh after the signing
In addition to producing finished lubes and greases in Saudi Arabia, Petrolube exports products to over 20 countries.
Mr. Adil Tubayyeb, Desmond Carr and Engineer Hussain Dabbagh during the signing
Petrolube had been a joint venture between Saudi Aramco, which owned 71 percent of Petrolube’s shares, and Mobil Investments, which owned the remaining 29 percent of the company.
Petrolube was founded in 1968 and operates lubricant blending facilities in Riyadh and Jubail. Gulf International Bank BSC advised Saudi Aramco and Mobil Investments on the transaction.