Aramco completes $2.65bn buy-out of Valvoline 

RIYADH: Energy giant Saudi Aramco has bought US-based oil firm Valvoline Inc for $2.65 billion.

Under this deal, which comes after the two companies signed the share purchase agreement on Aug. 1, 2022, Saudi Aramco aims to become one of the most prominent integrated brands in the world in the field of lubricants, according to the Saudi Press Agency.

Saudi Aramco will own the brand in connection with its product business, while Valvoline will keep its name in connection with its retail services business.