RIYADH (Reuters) – U.S. major Exxon Mobil has sold its 30 percent stake in an oil lubricants joint venture with Saudi Aramco, the official Saudi Press Agency said on Tuesday.
Exxon sold its stake in Saudi Aramco Lubricating oil Refining Company (LUBEREF) to Saudi firm Jadwa Investment, SPA quoted an Aramco official as saying.
It did not give the value of the stake.
Saudi Aramco’s kept its 70 percent stake in the firm which produces 550,000 tonnes per year of lubricants through two plants. LUBEREF was established in 1978.