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Saudi Aramco Base Oil Company - Luberef announces the signing of a supply agreement to receive Heavy Vacuum Gas Oil from Saudi Aramco Mobil Refinery Company (SAMREF)
2223
LUBEREF
0.81
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1445/07/16 28/01/2024 09:18:42
| Element List | Explanation |
|---|---|
| Introduction | Saudi Aramco Base Oil Company – Luberef is pleased to announce the signing of a supply agreement to receive a minimum of 3000 barrels per day of Heavy Vacuum Gas Oil from Saudi Aramco Mobil Refinery Company (SAMREF) subject to product availability. This agreement is a part of business transformation initiative, which is in line with Saudi Aramco’s transformation initiative for its joint ventures (JVs). |
| Date of Announcement of the Award | 2024-01-25 Corresponding to 1445-07-13 |
| Contract Subject Matter | Signing of a supply agreement to receive a minimum of 3000 barrels per day of Heavy Vacuum Gas Oil from Saudi Aramco Mobil Refinery Company (SAMREF) subject to product availability, which will be used as feedstock to produce base oils and by-products in Yanbu facility. |
| The Entity with Which the Contract was Signed | Saudi Aramco Mobil Refinery Company (SAMREF) |
| Date of Signing the Contract | 2024-01-25 Corresponding to 1445-07-13 |
| Contract Value | The product price is calculated based on an agreed formula and is linked to Market prices. |
| Contract Details | Supply Agreement to receive a minimum of 3000 barrels per day of Heavy Vacuum Gas Oil from Saudi Aramco Mobil Refinery Company (SAMREF) subject to product availability, which will be used as feedstock to produce base oils and by-products in Yanbu facility. |
| Contract Duration | Effective from 25-01-2024 G and shall continue for a period of five years and renewed automatically for a similar period, unless terminated in accordance with the terms of the Agreement. |
| Financial Impact and the Relevant Period | The positive financial impact is expected from the second quarter of 2024, which cannot be determined exactly and will depend on the base oil market prices. Heavy Vacuum Gas Oil volumes are expected to boost base oils production by approximately 96,000 metric tons per year of heavy grades of Group II base oils which have higher values. |
| Related Parties | Saudi Aramco Mobil Refinery Company (SAMREF). |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 99.8
Net Change 0.8 (+0.81%)
Value Traded (Sar) 1,235,174.2
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