Our Journey
1976–2025

Established as the Petromin Lubricating Oil Refining Company, a joint venture between Petromin (70%) and Mobil (30%).

The Jeddah refinery commenced operations with an initial capacity of around 180 thousand MT of Group I base oils.

The Jeddah facility underwent a series of expansions, boosting production capacity to approximately 240,000 MT.

Petromin’s ownership stake was transferred to Saudi Aramco, marking a new chapter in the Company’s governance and oversight structure.

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.

Jadwa Investment acquired Mobil’s 30% shareholding, further strengthening local ownership and governance.

Enhanced integration between the Yanbu and Jeddah facilities increased total production capacity to approximately 575,000 MT of Group I base oils.

Completion of the Yanbu Growth I Expansion added 710,000 MT of capacity, introducing Group II base oil production and significantly boosting total output.

Formation of the Aramco Base Oil Alliance and adoption of Saudi Aramco trademarks strengthened alignment with the Group.

Successfully listed on the Saudi Stock Exchange (Tadawul), with the IPO ranked among the largest of the year and oversubscribed 29.5 times.

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.

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.

Honored again with the Aramco President’s Excellence Award for Best Safety Performance (third consecutive year) and Best Reliability and Maintenance Performance (second time).

Successfully completed the largest turnaround in Luberef’s history, enhancing reliability, efficiency, and long-term asset performance.