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Petromin Corporation
The Petromin Corporation is a Saudi Arabian lubricants and automotive services company, operating in lubricant oils including manufacturer, industrial, and automotive oils and lubricants, car servicing (Petromin Express), fuel retailing and car dealerships. The company is one of the "Major Leading Players" of the lubricating grease Industry.
The company was established by a royal decree on 24 February 1968 The initial name of the company was Petromin Lubricating Oil Company and was renamed to Saudi Arabian Lubricating Oil Company in 1997. It was established as a joint venture between Saudi Aramco and Mobil investments and started production at its first blending plant in Jeddah, in 1970. The first director general of the company was Abdulhadi Taher.
The company was initially destined to replace foreign-owned Aramco as the states primary oil company, but due to company inefficiencies, personal rivalries and corruption, instead it was decided to make it "Saudized" Aramco.
In May 2003, Petromin became one of the first companies to obtain international ISO Certification for their Quality and Integrated Management Systems (ISO 9001:2015). The company has since been re-certified in 2014 and received the OHSAS 18001:2007 certification for their Health and Safety Management Systems at the Jeddah plant in 2017.
It was established to be the statist oil development of Saudi Arabia because at that time Aramco was 100% American owned. Under the responsibility of Dr. Abdulhadi H. Taher, Petromin became an industrial behemoth with tens of thousands of employees. It was responsible for all oil exploration, refining, and distribution of all petroleum and mineral resources in the kingdom that were not in the domain of then US-controlled oil concessionaire Aramco. After the Kingdom purchased Aramco from the americans, Petromin and most of its industrial developments were infused into it.
Petromin was a joint venture between Mobil Investments (29% stake) and Saudi Aramco (71% stake), an affiliate of ExxonMobil with an annual sale of 80,000 metric tons and an annual turnover of $200 million. In 2007 it was purchased by Dabbagh Group and Gulf Oil Corporation, a subsidiary of Indian Hinduja Group, for $200 million. Dabbagh took a 51% stake and Hinduja a 49% stake in the new joint venture.
In 2008, the company was renamed to its current name Petromin Corporation.
In 2010 the Hinduja Group announced the launch of the initial public offering of Petromin.
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Petromin Corporation
The Petromin Corporation is a Saudi Arabian lubricants and automotive services company, operating in lubricant oils including manufacturer, industrial, and automotive oils and lubricants, car servicing (Petromin Express), fuel retailing and car dealerships. The company is one of the "Major Leading Players" of the lubricating grease Industry.
The company was established by a royal decree on 24 February 1968 The initial name of the company was Petromin Lubricating Oil Company and was renamed to Saudi Arabian Lubricating Oil Company in 1997. It was established as a joint venture between Saudi Aramco and Mobil investments and started production at its first blending plant in Jeddah, in 1970. The first director general of the company was Abdulhadi Taher.
The company was initially destined to replace foreign-owned Aramco as the states primary oil company, but due to company inefficiencies, personal rivalries and corruption, instead it was decided to make it "Saudized" Aramco.
In May 2003, Petromin became one of the first companies to obtain international ISO Certification for their Quality and Integrated Management Systems (ISO 9001:2015). The company has since been re-certified in 2014 and received the OHSAS 18001:2007 certification for their Health and Safety Management Systems at the Jeddah plant in 2017.
It was established to be the statist oil development of Saudi Arabia because at that time Aramco was 100% American owned. Under the responsibility of Dr. Abdulhadi H. Taher, Petromin became an industrial behemoth with tens of thousands of employees. It was responsible for all oil exploration, refining, and distribution of all petroleum and mineral resources in the kingdom that were not in the domain of then US-controlled oil concessionaire Aramco. After the Kingdom purchased Aramco from the americans, Petromin and most of its industrial developments were infused into it.
Petromin was a joint venture between Mobil Investments (29% stake) and Saudi Aramco (71% stake), an affiliate of ExxonMobil with an annual sale of 80,000 metric tons and an annual turnover of $200 million. In 2007 it was purchased by Dabbagh Group and Gulf Oil Corporation, a subsidiary of Indian Hinduja Group, for $200 million. Dabbagh took a 51% stake and Hinduja a 49% stake in the new joint venture.
In 2008, the company was renamed to its current name Petromin Corporation.
In 2010 the Hinduja Group announced the launch of the initial public offering of Petromin.