The statement issued by Saudi Aramco (TADAWUL:2222) announced early today, Thursday, that a company owned by Aramco has completed the acquisition of (Valvoline) Global Products Company VVV for a value of $ 2.65 billion.
With this acquisition, Saudi Aramco aims to become one of the world's most integrated brands in the lubricants market, providing a foundation for future growth and integration of its refining, chemicals and marketing business portfolio.
Saudi Aramco will also own the (Valvoline) brand in relation to its product business, while (Valvoline) will own the brand in relation to its retail services business. Saudi Aramco and Valvoline plan to work together to expand ownership of the (Valvoline) brand globally.
This step came after Aramco signed a share purchase agreement that was announced on the first of last August. Valvoline Global Operations will continue its business as it is considered a world leader in the field of automotive applications and industrial solutions, creating products to meet consumer needs in the future.
It is worth noting that Saudi Aramco decided to reduce the official selling prices of propane gas by a rate ranging from 9 to 11% during the current month of March, compared to the price levels during the month of February, in conjunction with weak demand and an increase in global supplies of liquefied gas, according to what was mentioned. There were some news reports on Wednesday quoting some merchants.
Today's news reports indicated that the official price at which Aramco sells propane decreased by about $70 per ton, to about $720 per ton in March. Also, Aramco reduced the selling price of butane gas by about $50, to about $740 per ton.
