Saudi Aramco intends to enter the base oils business, as part of its efforts to optimize the value of petroleum molecules and grow its refining and chemicals portfolio, the company announced Thursday.
The company is integrating its downstream business in refining and marketing, and petrochemicals and differentiated products play a major role in that process, the company said.
Base oils are produced by refining crude oil and used to manufacture products including lubricating greases, motor oil and metal processing fluids.
Saudi Aramco is no stranger to the base oils business as the company has been involved in the sector through its joint ventures which produce and market base oils independently for many years.
"We will build on the tremendous base oil industry experience within our affiliates, which spans several decades," said Said Al-Hadrami, vice president of international operations.
In its statement, the company also announced the launch of its three base oils brands, aramcoDURA, aramcoPRIMA and aramcoULTRA.
By Zeynep Beyza Kilic