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A 45 YEAR HISTORY
We have been producing high-quality base oils for over 45 years.
A LOOK-BACK AT OUR COMPANY HISTORY
Founded in 1976 in Jeddah, Luberef was originally established as a joint venture between Petromin and Mobil as a pioneer in the base oils sector.
Today, Saudi Aramco Base Oil Company (Luberef) converted to a public company listed on the Main Market of the Saudi Exchange.
Luberef is one of the world’s leading suppliers of high-quality base oils and the only virgin base oil producer in the Kingdom of Saudi Arabia.
LONGSTANDING BASE OIL HERITAGE
Our 45-year history from a single small-production facility in Jeddah to a global downstream industry leader.
1976
The Company was founded as a joint venture between Petromin (70%) and Mobil (30%).
1977
The Jeddah Facility was commissioned with an initial production of approximately 180,000 MT of Group I Base Oils.
1996
Petromin’s 70% stake was transferred to Saudi Aramco.
1997
The Yanbu Facility was commissioned with an initial production capacity of approximately 300,000 MT of Group I Base Oils, increasing total capacity to 560,000 MT.
2007
Mobil sold its 30% stake to Jadwa Industrial Investment Company.
2017
The expansion of the Yanbu Facility enabled Luberef to produce Group II Base Oils for the first time in Saudi Arabia.
2021
The total production capacity across both facilities reached 1.3 million MT for Group I and Group II Base Oils.
2022
Luberef was successfully listed on the Saudi Stock Exchange. The IPO was one of the largest in 2022 and was oversubscribed 29.5 times.
2023
Luberef amended its Supplemental Feedstock Supply agreement with Saudi Aramco, boosting RCO supply in Yanbu by 5,000 barrels per day which is expected to lead to an approximate annual base oil production increase of 90,000MT. Received the ‘President’s Affiliate Excellence Award for the Best Performance in the Safety Category’ prize at the annual Aramco President Excellence Awards
2024
Received the Aramco President’s Excellence Award 2024 for the best performance in the Safety category for the third consecutive year
and the best performance in Reliability and Maintenance for the second time.
Explore More
Find out more about our investment case and financial performance.
Luberef has a highly experienced leadership team, with strong sector knowledge and a deep commitment to maintaining the highest standards of excellence.
We produce high-quality base oils and by-products from our two facilities in Jeddah and Yanbu.