Aramco plans to acquire US “Valvoline”

The senior vice president of refining, processing and marketing at Saudi Aramco, Muhammad Al-Qahtani, said that the company plans to complete the acquisition of the global products business of the American company Valvoline by the beginning of 2023.
Al-Qahtani explained in statements to the English-language newspaper, Arab News, that the global products business of Valvoline will acquire permanent ownership of the Valvoline brand.

He added that the acquisition will contribute significantly to achieving one of the company’s 2030 goals in selling ready-made lubricants, explaining that Valvoline, through a long-term supply agreement, will purchase lubricants from global producers.

In August, Aramco signed an agreement to acquire Valvoline for the global products of the American company Valvoline, at a value of $2.65 billion, subject to some of the usual modifications stipulated in the purchase agreement, according to the Saudi “Argaam” website.