Business Daily from THE HINDU group of publications
Tuesday, Nov 13, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Nov 13, 2007 ePaper | Mobile/PDA Version |
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Corporate
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Mergers & Acquisitions Gulf Oil Intl buys Saudi co Petromin Our Bureau Hyderabad, Nov. 12 Gulf Oil International Ltd, a Hinduja Group company, along with its joint venture partner Dabbagh Group in Saudi Arabia, today announced the acquisition of Petromin. Petromin is a joint venture between Saudi Aramco (71 per cent stakeholder) and Mobile Investments SA (29 per cent), an affiliate of Exxon Mobile. The Chairman of Gulf Oil International, Mr Sanjay Hinduja, in a statement today said: “This acquisition will help Gulf Oil consolidate its presence in the growing West Asian Market and will also build platform for growth for business in the West Asia and Africa.” With annual sales of 80,000 tonnes and a turnover of $200 million, Petromin is the largest manufacturer of lubricants in the Kingdom of Saudi Arabia and exports to over 20 countries. On an expansion spree, Gulf Oil International acquired a lubricant plant in Jabel Ali and is constructing a new 50,000-tonne lubricant plant in Yantai, Shandong province in China. More Stories on : Mergers & Acquisitions | Petroleum | Overseas Investments
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