Luberef says sales gas price raised by Saudi Aramco, sees SAR 18M financial impact

04/01/2024 Argaam
Logo ofSaudi Aramco Base Oil Co. (Luberef)

Logo of Saudi Aramco Base Oil Co. (Luberef) 

Saudi Aramco Base Oil Co. (Luberef) received an official notice from Saudi Aramco on an increase in the price of sales gas, which is used in the company’s operational activities at its facility in Yanbu, starting from Jan. 1.

 

Luberef expects the total cost of sales to increase by nearly 0.2% (SAR 18 million), based on the latest audited financial statements.

 

The financial impact is anticipated to appear in Q1 2024.

 

The current adjustment has no significant impact on the company’s net profit over the coming period. Luberef will also continue its efforts to enhance operational efficiencies, minimize the impact of the price hike and continue delivering value to its shareholders as part of its business transformation journey, the statement added.

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