For nearly five decades, Luberef has been at the heart of Saudi Arabia’s industrial development, evolving from a local refining venture into a leading producer of high-quality base oils. Its history is defined by continuous innovation, operational excellence, sustainable growth, and enduring partnerships that have strengthened the Kingdom’s position in the global energy value chain.
1976 · Founding and Early Operations
Established as the Petromin Lubricating Oil Refining Company, a joint venture between Petromin (70%) and Mobil (30%).
1977 · Founding and Early Operations
The Jeddah refinery commenced operations with an initial capacity of around 180 thousand MT of Group I base oils.
1983–1991 · Capacity Growth and Ownership Transition
The Jeddah facility underwent a series of expansions, boosting production capacity to approximately 240,000 MT.
1996 · Capacity Growth and Ownership Transition
Petromin’s ownership stake was transferred to Saudi Aramco, marking a new chapter in the Company’s governance and oversight structure.
1997 · Capacity Growth and Ownership Transition
The Yanbu refinery was commissioned with a capacity of 300,000 MT, creating synergies that increased the Jeddah facility’s capacity to 260,000 MT and bringing Luberef’s total production to approximately 560,000 MT of Group I base oils.
2007 · Strengthening Foundations and Local Ownership
Jadwa Investment acquired Mobil’s 30% shareholding, further strengthening local ownership and governance.
2013 · Expansion and Organizational Progress
Enhanced integration between the Yanbu and Jeddah facilities increased total production capacity to approximately 575,000 MT of Group I base oils.
2017 · Expansion and Organizational Progress
Completion of the Yanbu Growth I Expansion added 710,000 MT of capacity, introducing Group II base oil production and significantly boosting total output.
2019 · Expansion and Organizational Progress
Formation of the Aramco Base Oil Alliance and adoption of Saudi Aramco trademarks strengthened alignment with the Group.
2022 · Recognition, Listing, and Continued Growth
Successfully listed on the Saudi Stock Exchange (Tadawul), with the IPO ranked among the largest of the year and oversubscribed 29.5 times.
2023 · Recognition, Listing, and Continued Growth
Amended the Supplemental Feedstock Supply Agreement with Saudi Aramco, increasing RCO supply to Yanbu by 5 thousand barrels per day, boosted annual base oil output by 90 thousand MT.
2024 · Recognition, Listing, and Continued Growth
Received two MEIRA awards, including Most Improved Investor Relations Program in the GCC and Second Place for Leading Corporate Investor Relations Company in Saudi Arabia.
2024 · Recognition, Listing, and Continued Growth
Honored again with the Aramco President’s Excellence Award for Best Safety Performance (third consecutive year) and Best Reliability and Maintenance Performance (second time).
2025 · Recognition, Listing, and Continued Growth
Successfully completed the largest turnaround in Luberef’s history, enhancing reliability, efficiency, and long-term asset performance.