Acquisition Year: 2007
Acquisition Stake: 30 percent
Sector: Oil & Gas
Fund: Jadwa Co-Investment Fund (Saudi Lube Oil)
Luberef is engaged in the refining and production of base oil through the ownership and operation of two lube oil refineries in Jeddah and Yanbu. Its operations started in 1978 with the start-up of the Jeddah refinery, and a second refinery was commissioned in 1998 in Yanbu. The majority of Luberef’s base oil production is consumed in Saudi Arabia. The remaining 70 percent of Luberef is owned by Saudi Aramco.