Luberef, Saudi Aramco Sign MoU for Potential Base Oil Plant at Jazan Complex

11:29 PM EST, 01/01/2026 (MT Newswires) -- Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, said Thursday it agreed to explore the potential development of a base oil plant at Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco's refinery and petrochemical complex in Jazan, Saudi Arabia. The Saudi base oil producer signed an 18-month memorandum of understanding to assess the potential project, which would involve the supply of unconverted crude oil from Saudi Aramco as feedstock. Under the MoU, the parties will conduct technical, commercial, and operational evaluations of the proposed facility. The agreement may be renewed by mutual consent.