London, Asharq Al-Awsat- Gulf Oil International Ltd, a Hinduja Group company, along with its joint venture partner the Dabbagh Group in Saudi Arabia, announced today the acquisition of Petromin.
Petromin is a joint venture between Saudi Aramco (71%) and Mobil Investments S.A (29%) an affiliate of Exxon Mobil.
Mr. Sanjay Hinduja, Chairman Gulf Oil International said in a statement “this acquisition will help Gulf Oil consolidate its presence in the growing Middle East market and will also build the platform for growth for our business in the Middle East and Africa”.
Petromin has annual sales of 80,000 MT and a turnover in excess of US$ 200 million. Petromin is the largest manufacturer of lubricants in the Kingdom of Saudi Arabia and exports to over 20 countries.
Gulf Oil International which is on an expansion spree recently acquired a lubricant plant in Jebel Ali and is also constructing a new 50,000 ton lubricant plan in Yantai, Shandong province, China.