On an expansion spree
Gulf Oil International Ltd, a Hinduja Group company, along with its joint venture partner the Dabbagh Group in Saudi Arabia, today announced the acquisition of Petromin. Petromin is a joint venture between Saudi Aramco (71%) and Mobil Investments S.A (29%)an affiliate of Exxon Mobil.
Speaking on the occasion Mr. Sanjay Hinduja, Chairman Gulf Oil International said "this acquisition will help Gulf Oil consolidate its presence in the growing Middle East market and will also build the platform for growth for our business in the Middle East and Africa".
Petromin has annual sales of 80,000 MT and a turnover in excess of US$ 200 million. Petromin is the largest manufacturer of lubricants in the Kingdom of Saudi Arabia and exports to over 20 countries.
Gulf Oil International which is on an expansion spree recently acquired a lubricant plant in Jebel Ali and is also constructing a new 50,000 ton lubricant plan in Yantai, Shandong province, China.
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About Hinduja Group India:
The Hinduja Group is a multi-billion dollar global investment and banking group with a diversified global portfolio of holdings across the manufacturing services and banking sectors. The Group, founded by Shri P.D. Hinduja in 1914, has activities across three core areas: Investment Banking, International Trading and Global Investments. As part of its Global investments, the Group owns businesses in Automotive, Information Technology, Media, Entertainment & Communications, Banking & Finance, Infrastructure Project Development, Chemicals & Agri business, Energy, Real Estate and Healthcare. The Hinduja Group also supports charitable and philanthropic activities across the world through the Hinduja Foundation.
For more information, please contact:
Richard Hoare
Email: richard@gulfoilltd.com
Tel: 00442073215530
© Press Release 2007
