Jeddah: Saudi Aramco Base Oil Company (Luberef), one of the world’s leading suppliers of high-quality base oils and a primary virgin base oil producer within the Kingdom of Saudi Arabia, has successfully concluded its participation in the 17th ICIS Middle Eastern Base Oils & Lubricants Conference. Organized by the Independent Commodity Intelligence Services (ICIS), it was held at the Ritz-Carlton Jeddah from the 10th to the 11th of October and saw Luberef sign several Memoranda of Understanding (MoUs) with a number of major industry players.

On day one of the conference, Luberef signed four MoUs with APAR, a leading multinational industrial manufacturer; the National Oil and Chemical Company (CHEMAOIL), a reputed supplier of quality industrial oils; Petromin Corporation, a leading Saudi multi-national company for advanced lubricants, cutting edge multi-modal mobility, and a sustainable transportation solutions provider; and Day Candle, a key Saudi Arabian wax product manufacturer.

These MoUs will pave the way for a variety of new specialty production facilities at Luberef’s Yanbu Lubricants Value Park (LubeHUB), which is set to enable the localization of specialty product manufacturing in the Kingdom. A strategically located center of excellence, LubeHUB aims to unite a multitude of specialty product producers and operators associated with the base oil industry.

Commenting on the event’s proceedings, Tariq Al Nuaim, President & CEO of Luberef, said: “We are extremely pleased with the outcomes of this year’s Middle Eastern Base Oils & Lubricants Conference. It saw us ink several strategic MoUs that will help us significantly expand our scope of operations at LubeHUB, our planned lubricant production park in Yanbu. We look forward to furthering the Kingdom’s Vision 2030 objectives for specialty product localization, greater inward investment opportunities, and long-term economic diversification and growth.”

Commenting on the conference’s relevancy to the Kingdom, Waleed Murad, Director of Marketing and Sales at Luberef, said: “The fact that this year’s conference was held in Saudi Arabia for the first time is very telling. It reflects the Kingdom’s position as an emerging regional Base Oil and Lubricants hub. We at Luberef look forward to furthering this shared goal through a range of new partnerships which all center around diversifying our offerings via LubeHUB and reaching a wider global customer base.”

Production capacity of 1.3Mn Mt per annum, Luberef holds a unique position in the Middle East producing high-performance base oils for critical applications within automotive, marine, and other industrial sectors.

This year’s edition was the first to be held in Saudi Arabia, a move driven by ICIS’s desire to capitalize on the wave of growth that the Kingdom’s thriving Base Oil and Lubricants industry has enjoyed in recent years. The event served as an invaluable networking opportunity for major regional industry players, with discussions on significant regional developments and worldwide trends that also helped further the dialogue on sustainability and technology adoption for a better future.

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