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Saudi Aramco Base Oil Co. (Luberef) is planning an initial public offering (IPO) that could raise more than $1 billion, Bloomberg reported citing unnamed sources familiar with the matter.
 

Saudi Aramco’s unit hired HSBC Saudi Arabia and SNB Capital to advise on the offering. The plan is to sell a 30% stake owned by Jadwa Investment, the sources added.
 

Luberef produces 1.2 million tons annually of base oils such as lubricants, according to Aramco’s 2019 IPO prospectus. 
 

In 2007, Jadwa Investment acquired a stake in Luberef sold by Exxon Mobil, which invested in the refinery in 1978.

 

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