Luberef
Tadawul: 2223
A specialist producer of base oils.
- Company
- Saudi Aramco Base Oil Company - Luberef
- Sector
- Materials
- First report
Why Luberef stands out
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The Kingdom’s only virgin base oil producer.
Its specialised plants in Jeddah and Yanbu make Group I and Group II base oils.
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Inside the Aramco system.
Aramco holds 70% of its shares, and its main feedstock comes under a secured allocation.
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Fifty years of base oils.
Founded in 1976, it sells across the Middle East, India, Asia, the Americas and Europe.
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Built for higher-value oils.
Its Growth II upgrade at Yanbu is designed to shift output towards higher-value products.
From the company’s reports and our research.
Beyond the barrel
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Share price
Research on Luberef
- Third quarter 2026
- Ask this report
Eight questions to start
- In three sentences: what did Luberef report for H1 2026, and where does the report say the profit came from?
- What were Luberef's H1 2026 revenue, net income and free cash flow, and how is the SAR 4.00 interim dividend funded?
- How did H1 2026 base oil volumes compare with the 1.15m MT full-year guide, and what does the second half need to deliver?
- When is the Growth II shutdown now scheduled, when is Growth II expected on stream, and when is the interim dividend paid?
- What does the report say about longer shipping routes from the region, and how do they relate to the base oil margin?
- Why did management move the Growth II shutdown to October, and what does the report read into that decision?
- Which three things does the report say to watch from here, and what would each one show?
- How does the Q2 2026 crack margin compare with the first quarter and with the range Luberef published for 2015 to 2024?
- Second quarter 2026
- Ask this report
Eight questions to start
- In three sentences: what did Luberef report for Q1 2026, and what does the report take from the quarter?
- What were Luberef's Q1 2026 revenue, EBITDA, net income and EPS, and what mainly supported the result?
- How does the report explain the SAR 41m of free cash flow in Q1 2026, alongside capex, gearing and ROACE?
- How far had Growth II progressed by Q1 2026, when is completion targeted, and when are the Q2 2026 results expected?
- In which GCC markets did Luberef secure term contracts, and how does the report read this for regional reach?
- What progress does the report describe on aramcoULTRA Group III preparation and on Jeddah feedstock continuity?
- Which items in the investor control panel does the report say to monitor next, and what would each one show?
- How did Q1 2026 compare with Q1 2025 and Q4 2025, and how did base oils and by-products contribute differently?
- Ask this report
Eight questions to start
- In three sentences: what is Luberef, what does it sell, and why does the report call 2026 a delivery year?
- How does the report define the base oil crack margin, and which three things does it say decide Luberef's revenue quality?
- How did Luberef turn SAR 1.518bn of operating cash flow into free cash flow in FY2025, and which dividend policy does that support?
- When are the Jeddah inspection, the Yanbu shutdown and Growth II completion scheduled in 2026, and how long is each planned downtime?
- Where does Luberef sell its products, and how does the report describe domestic premium capture, export flexibility and the Aramco-linked ecosystem?
- What is Growth II at Yanbu, and how does the report expect it to change Luberef's product mix and slate flexibility?
- Which quarterly markers does the report say to watch through 2026, and what would each one show?
- How did Luberef's results move from FY2024 to FY2025, and how does the report explain the change?
Research, not investment advice. Every report carries its full disclosures. Research disclosures
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