Gulf makes major acquisition in Saudi Arabia

Gulf has acquired the Saudi Arabian Lubricants Oil Company (Petromin) from Saudi Aramco and Mobil Inverstments S.A, an afiliate of ExxonMobil

GULF PURCHASES 100% SHARES OF PETROMIN

The Gulf Oil International Group (part of the Hinduja Group), with the Dabbagh Group its joint venture partner in Saudi Arabia, have purchased 100 per cent of the shares in the Saudi Arabian Lubricating Oil Company (Petromin), the largest manufacturer of lubricant products in the Kingdom of Saudi Arabia with the largest market share from Saudi Aramco and Mobil Investments S.A., an affiliate of ExxonMobil.   In addition to producing finished lubes and greases in Saudi Arabia, Petromin exports products to over 20 countries.  The Petromin brand had been a joint venture between Saudi Aramco, which owned 71 percent of Petromin's shares, and ExxonMobil, which owned the remaining 29 percent of the company. The Petromin brand was founded in 1968 and the company operates lubricant blending facilities in Riyadh and Jubail.

The above acquisition will consolidate not only the Saudi Arabian operations where Gulf Oil already has significant market share but will give more synergies to Gulf in the Middle East and Africa. Recently the Gulf operations in Dubai have acquired 100% of its lubricant plant in Jebel Ali.

This is further evidence of Gulf Oil's worldwide expansion following on closely from the construction of its new 50,000 ton lubricant plant in Yantai, Shandong Province, China and its expansion in South America through Gulf Oil Argentina S.A.