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.

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