LOBEERIF renews contract with Saudi Aramco until 2030
Saudi Aramco Base Oil Company "Lubref" announced the extension of its utility services agreement, including land lease for the company's facility in Jeddah, until December 31, 2030. The amendment was signed on August 9, 2026, and will take effect from July 2026, with the possibility of renewal for additional periods. The land rent amounts to 1.018 million SAR annually, with utility service charges continuing to be set according to a previous agreement, without any change in prices. The extension aims to ensure the continuity of base oil production operations at the strategic facility and to provide the necessary supplies for the business.
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