Luberef extended the land lease for its Jeddah Facility, part of the Utilities Sales Agreement with Saudi Aramco, through December 31, 2030
The extension supports continuity of operations and Group I base oil production at Jeddah
It follows Luberef's securing of a successor feedstock supply agreement for the facility in December 2025
11 August 2026
Saudi Aramco Base Oil Company - Luberef announces the extension of the land lease for its Jeddah Facility through an amendment to the Utilities Sales Agreement.
Introduction
With reference to Section 2.1.2 of the IPO Prospectus of the Company, Saudi Aramco Base Oil Company – Luberef (the “Company”) is pleased to announce the extension of the term of the Utilities Sales Agreement (the “Agreement”), which includes the land lease of the Jeddah Facility, with Saudi Arabian Oil Company (“Saudi Aramco”). This extension aligns with the Company’s long-term strategy to ensure the continuity of its operations in Jeddah, and the continuation of Group I Base Oil production.
Date of Announcement of the Award
2026-08-09 Corresponding to 1448-02-26
Contract Subject Matter
Extension of the term of the Utilities Sales Agreement, which includes the land lease for the Company’s Jeddah Facility until 31 December, 2030G, renewable.
The Entity with Which the Contract was Signed
Saudi Arabian Oil Company (“Saudi Aramco”)
Date of Signing the Contract
2026-08-09 Corresponding to 1448-02-26
Contract Value
Land lease value is 1,018,217.48 SAR annually. Other services are calculated based on various rates specified in the Agreement.
Contract Details
Extension of the term of the Utilities Sales Agreement, which includes the land lease for the Company’s Jeddah Facility until 31 December, 2030G, renewable.
Contract Duration
The term of the Agreement has been extended from 01/07/2026 until 31/12/2030, renewable.
Financial Impact and the Relevant Period
There were no changes to the prices associated with the Agreement and the financial impact begins at the start of the extension date.
Related Parties
Saudi Arabian Oil Company (“Saudi Aramco”).
Additional Information
This extension represents an important step in Luberef’s ongoing efforts to secure the necessary arrangements for the continuation of operations at its Jeddah Facility. The contract was received from Saudi Aramco on Monday 27/02/1448H (corresponding to 10/08/2026G).