Joint-venture between Dabbagh Group and Gulf Oil Corporation
Petromin was a joint venture between Mobil Investments (29% stake) and Saudi Aramco (71% stake), an affiliate of ExxonMobil with an annual sale of 80,000 metric tons and an annual turnover of $200 million. In 2007 it was purchased by Dabbagh Group and Gulf Oil Corporation, a subsidiary of Indian Hinduja Group, for $200 million.[14] Dabbagh took a 51% stake and Hinduja a 49% stake in the new joint venture.[15]
In 2008, the company was renamed to its current name Petromin Corporation.[16]
In 2010 the Hinduja Group announced the launch of the initial public offering of Petromin.[17][18]
In 2013, The Dabbagh group purchased the Hinduja stake based on a total valuation of more than $700 million, made by Deutsche Bank, who assisted in the deal.[16][19]
In 2015, Petromin signed a five-year partnership with Hyundai and Al-Majdouie, to serve its oils at all Hyundai centers in the region and to supply diesel engine oils to Al-Majdouie Logistics.[20]
In 2017, the company employed around 5,000 people.[1][2][21] Petromin was one of the first companies in Saudi Arabia to start employing women in 2007.[22]
The company produces industrial and non-industrial oil, lubricants and other associated products. The main product categories are gasoline, diesel engine oils, gear and transmission oil, greases, industrial, marine and specialty products. In these categories the company produces more than 150 different products.[16][23]
The company currently distributes its products to over 35 countries across the world, with a focus in the GCC, Middle East, Africa and Asia.[24][2]
Petromin Express is a chain of quick lube service centers throughout Saudi Arabia, offering different parts, products and services. The chain operates more than 700 outlets.[25]
The company also runs a gas station network across the country, which is partly connected to Petromin Express service station, offering combined automotive services. Petromin is one of only two companies allowed to set up fuel stations along highways in Saudi Arabia. In 2017 the company first announced its plans to build 240 gas stations across the Kingdom.[1][20][21][26]
Petromin entered a partnership with Nissan, becoming the official authorized distribution agent in Saudi Arabia. The first showroom was opened in Riyadh on 16 October 2016.[27][28][29] In 2019, Petromin and Nissan extended the partnership.[30]
