Luberef is one of the largest base oil producers in the world. It operates two production facilities in Saudi Arabia with a total annual production capacity of approximately 1.3 million metric tonnes of base oils. It also produces various by-products such as asphalt, marine heavy fuel oil, slack wax, bright stock extract, and sulfur, as well as white products such as ultra-low sulfur diesel, naphtha, and drilling fluid. At the end of 2022, the company listed 30% of its shares on the Saudi Stock Exchange in an IPO. Saudi Aramco owns 70% of Luberef’s shares. In February 2023, Luberef signed a $148 million EPC contract with Petrojet for Yanbu facility expansion (Growth II).