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FINANCIAL NEWS
Gulf Oil unit plans $1b IPO in Saudi Arabia
02 Jun 2010
(MENAFN) The Chairman of Petromin, Gulf Oil?s Saudi Arabian unit, said that the company plans to raise as much as $1bn selling shares in the local market at the end of the year, Reuters reported.
India?s Hinduja Group, controlled by billionaire brothers Srichand and Gopichand Hinduja owns Ashok Leyland, India?s second-biggest truckmaker, lender IndusInd Bank and chemicals maker Gulf Oil.
In November 2007, Gulf Oil and Dabbagh acquired lubricant maker Petromin, a joint venture between Saudi Aramco and an Exxon Mobil unit, for an undisclosed sum to expand in the Middle East.
The company?s new $26.7m blending plant is expected to start production in the third quarter of this year. The plant, being built at the Saudi Aramco Industrial Zone in Jeddah, will boost Petromin?s annual production capacity of lubrication oils by 250,000 tons.
More News
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BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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