{"id":5917,"date":"2022-10-15T20:17:14","date_gmt":"2022-10-15T20:17:14","guid":{"rendered":"https:\/\/gulftimes.ae\/messaging-social-network-firm-irl-to-soon-become-talking-point-in-mena\/"},"modified":"2022-10-15T20:17:14","modified_gmt":"2022-10-15T20:17:14","slug":"messaging-social-network-firm-irl-to-soon-become-talking-point-in-mena","status":"publish","type":"post","link":"https:\/\/gulftimes.ae\/?p=5917","title":{"rendered":"Messaging social network firm IRL to soon become talking point in MENA"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>\nJEDDAH:\u00a0Luberef, the base oil firm of Saudi Arabian Oil Co., is launching a new specialty production facility in Yanbu that will manufacture transformer oil and white oil used in power generation, pharmaceutical and food businesses.<\/p>\n<p>\nCalled Lube Hub, the facility will enable the localization of these specialty products in the Kingdom. The venture will attract producers and operators of base oil-related products.<\/p>\n<p>\n\u201cWe are trying to attract investment from companies to start some of the specialized products that are not being produced in Saudi Arabia, including transformer oil and white oil,\u201d Tareq Al-Nuaim, president and CEO of Luberef, told Arab News.<\/p>\n<p>\nWhite oil is a highly refined, premium-quality mineral oil used in food processing plants and applications that require exceptionally pure white mineral oil.<\/p>\n<p>\nThe Royal Commission for Jubail and Yanbu will provide the land and utilities, while Luberef will supply the operating companies with raw materials.<\/p>\n<p>\n\u201cThe royal commission provides the land and the utilities while we work with different government entities to put together a package that will attract investments into the company,\u201d said Al-Nuaim on the sidelines of a conference on base oil and lubricants held recently in Jeddah.<\/p>\n<p>\nDuring the conference, Luberef signed four memoranda of understanding with international oil trading companies such as Apar Industries, Chemoil, National Oil and Chemical Co., Petromin and Day Candle.\u00a0<\/p>\n<div style=\"text-align:center\">\n<figure class=\"image\" style=\"display:inline-block\">\n<figcaption>\nTareq Al-Nuaim, president and CEO of Luberef. (Supplied)<\/figcaption><\/figure>\n<\/div>\n<p>\n\u201cThe investment will not be allocated by us; it will be done by those interested companies. We have seen interest by the companies in the specialty oil business,\u201d he said.<\/p>\n<p>\nAccording to Al-Nuaim, Lube Hub is an unlimited investment opportunity, as more lands would be granted when the first one is filled with specialty oil producers and operators associated with the base oil industry.<\/p>\n<p>\nEstablished in 1976 and headquartered in Jeddah, Luberef is one of the largest base oil producers in the world and the leading virgin base oil producer in Saudi Arabia.<\/p>\n<p>\nFrom its two facilities in Yanbu and Jeddah, Luberef has a combined capacity to produce 1.3 million metric tons per annum of base oils used in high-value branded lubricants, primarily meant for the automotive, marine and industrial sectors. \u201cWe have plans to increase the production in the future,\u201d the CEO said.<\/p>\n<p>\nAround 36 percent of its production is focused on Saudi consumption; the rest is exported to 15 markets worldwide. \u201cOur strategy is always to satisfy the local market first, and the excess is exported,\u201d he said. While Luberef is a 70:30 joint venture between Saudi Aramco and Jadwa Industrial Investment Co., there were talks about it planning to raise over $1 billion through an initial public offering.<\/p>\n<p>\nAccording to Bloomberg, the plan was to sell the 30 percent stake owned by JIIC, which it had acquired from Exxon Mobil Corp. in 2007.<\/p>\n<p>\nWith the move, Luberef would have joined the long list of Aramco subsidiaries already listed on the Saudi stock exchange, including Saudi Basic Industries Corp. and Rabigh Refining &amp; Petrochemical Co.<\/p>\n<p>\nThe CEO neither confirmed nor denied the discussion but was upbeat about raising investments to meet the company\u2019s future demands.<\/p>\n<p>\n\u201cThe company has been in business for 45 years, and it has been very successful in moving with the increased demand, so I think this will continue to happen in the future.\u201d<\/p>\n<p>\nSaudi Arabia is seeing a growing demand for base oil as it is poised to become the fastest-growing economy this year. In fact, the local demand has exceeded pre-pandemic levels, and the international market is also catching up.<\/p>\n<p>\n\u201cSaudi economy is the fastest growing economy in the world today, and with many projects in the pipeline, we are seeing quite healthy growth for base oil. Also, when it comes to volumes, we are back to the pre-pandemic level.\u201d<\/p>\n<p>\nSaudi Arabia hosted the 17th Independent Commodity Intelligence Services, Middle Eastern Base Oils &amp; Lubricants Conference at The Ritz-Carlton Jeddah from Oct. 10-11.<\/p>\n<p>\nThis year\u2019s edition was the first to be held in Saudi Arabia, driven by ICIS\u2019s desire to capitalize on the wave of growth that the Kingdom\u2019s thriving base oil and lubricants industry has enjoyed in recent years.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.arabnews.com\/node\/2181686\/business-economy\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JEDDAH:\u00a0Luberef, the base oil firm of Saudi Arabian Oil Co., is launching a new specialty production&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-5917","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.0 (Yoast SEO v27.4) - 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