Gulf oil acquires Saudi-based Petromin

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New Delhi, Nov 12 (UNI) Gulf Oil International Ltd, part of multi-billion dollar Hinduja Group company today announced the acquisition of Petromin, a joint venture between Saudi Aramco (71 per cent) and Mobil Investments S A (29 per cent) an affiliate of Exxon Mobil.

Having a turnover of 200 million dollars, Petromin has annual sales of 80,000 metric tonnes (MT) and is the largest manufacturer of lubricants in the Kingdom of Saudi Arabia with exports to over 20 countries.

''This acquisition will help Gulf Oil consolidate its presence in the growing Middle East market and will also build the platform for growth for our business in the West Asia and Africa,'' said Gulf Oil International Chairman Sanjay Hinduja.

However, no financial details of the deal was available.

Gulf Oil International has recently acquired a lubricant plant in Jebel Ali and is also constructing a new 50,000 ton lubricant plant in Yantai in the Shandong province, China.

UNI

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