Gulf Oil International, a Hinduja Group company, along with its joint venture partner the Dabbagh Group in Saudi Arabia, announced the acquisition of Petromin. Petromin is a joint venture between Saudi Aramco (71%) and Mobil Investments (29%), an affiliate of Exxon Mobil.
“Gulf Oil International, is consolidating the position of the Gulf brand in the Middle East following on from the recent acquisition it made of 100% of its blending facilities in Jebel Ali. Gulf Oil International views the Middle East as an exciting and growing market for its products. The acquisition will enable the Group to maximise the impact of the brand whist at the same time extending the geographical areas where Gulf products may be sourced,” said Sanjay Hinduja, chairman of Gulf Oil International.
Petromin has annual sales of 80 000 MT and a turnover in excess of US $200 million. It is also the largest manufacturer of lubricants in the Kingdom of Saudi Arabia, having exports to over 20 countries.
“Gulf Oil International, as does all Hinduja Group companies, constantly evaluate all business opportunities. Petromin proved to be particularly attractive acquisition and fitted perfectly with the Group’s plans in the region. Gulf will continue to seek our opportunities to extend the area in which Gulf products are offered, for sale within the region both from organic growth, and acquisition,” said Hinduja.
“Gulf views the addition of the Petromin brand as a great opportunity to grow both its existing business and the Petromin business also. Although the company was only acquired on Monday 12th November there are already plans are to draw on the synergies that exist between the two brands to strengthen the product offering to clients worldwide,” he added.
