Saudi Aramco Base Oil Company – Luberef announces the signing of a Memorandum of Understanding (“MoU”) with Saudi Arabian Oil Company (“Saudi Aramco”).
The MOU is to explore the potential for the Company to build a base oil plant within the Jazan Refinery, which would require the supply of Unconverted Crude Oil (“UCO”) from Saudi Aramco as feedstock.
The MoU establishes the framework for technical, commercial, and operational assessments of the potential project.
This initiative represents a significant step within the Group III+ Project, which aims to expand the Company’s production capabilities. The MoU is non-binding, and any future developments, including final approvals, definitive agreements, or financial implications, will be announced in line with relevant regulatory requirements, statement mentioned.
