‎Saudi Aramco’s Luberef refinery eyes $1bln IPO: file


Impress of Luberef

Saudi Aramco Substandard Oil Co. (Luberef) is planning an initial public offering (IPO) that will presumably perchance perchance elevate better than $1 billion, Bloomberg reported citing unnamed sources conscious of the topic.


Saudi Aramco’s unit hired HSBC Saudi Arabia and SNB Capital to reveal on the offering. The notion is to promote a 30% stake owned by Jadwa Funding, the sources added.


Luberef produces 1.2 million tons yearly of immoral oils equivalent to lubricants, based mostly fully on Aramco’s 2019 IPO prospectus. 


In 2007, Jadwa Funding received a stake in Luberef sold by Exxon Mobil, which invested in the refinery in 1978.

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