Luberef to list Argus-derived base oil prices

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Aug 01, 2023, 05:17 ET

DUBAI, United Arab Emirates, Aug. 1, 2023 /PRNewswire/ -- Saudi Aramco base oil company Luberef is to start publishing base oil indexes derived from spot price assessments produced by global energy and commodity price reporting agency Argus. The prices will appear on Luberef's website to help provide transparency to base oil market dynamics for its investors.

Luberef was recently listed on Saudi Arabian stock exchange Tadawul and is a leading supplier of high-quality base oils, with production capacity of 1.3mn t/yr.

Luberef is also a member of the Saudi Aramco base oil alliance, along with Saudi Aramco affiliates Motiva and S-Oil. The alliance has a collective global capacity of more than 4.6mn t/yr of Group I, Group II and Group III base oils, making the parent company one of the largest producers of base oils in the world.

Argus base oil prices are widely used around the world in contracts to price physical base oils.

Luberef's website will carry two base oil indexes representing the company's typical production split. The Group I index will reflect a monthly average of Argus SN150, SN500 and bright stock fob northwest Europe export weekly spot prices. The Group II index will be based on the monthly average of Argus N150, N500 fob Asia and N70 cfr India weekly spot prices.

Argus Media chairman and chief executive Adrian Binks said: "We are pleased that Luberef has chosen to rely on Argus prices as indicators of market dynamics. We have worked with the industry to develop accurate, representative and reliable indexes that market participants increasingly trust and depend upon."

Luberef president and chief executive Tareq Alnuaim said: "We are excited to partner with Argus to provide our investors with transparent and reliable base oil market data. By publishing base oil price indexes derived from spot price assessments made by Argus, we are providing our investors with the information they need to make informed investment decisions."

Argus contact information

London: Seana Lanigan
+44 20 7780 4200
Email Seana

Houston: Matt Oatway
+1 713 968 0000
Email Matt

Singapore: Tomoko Hashimoto
+65 6496 9960
Email Tomoko

About Argus Media

Argus is the leading independent provider of market intelligence to the global energy and commodity markets. We offer essential price assessments, news, analytics, consulting services, data science tools and industry conferences to illuminate complex and opaque commodity markets.

Headquartered in London with 1,300 staff, Argus is an independent media organisation with 29 offices in the world's principal commodity trading hubs.

Companies, trading firms and governments in 160 countries around the world trust Argus data to make decisions, analyse situations, manage risk, facilitate trading and long-term planning. Argus prices are used as trusted benchmarks around the world for pricing transportation, commodities and energy.

Founded in 1970, Argus remains a privately held UK-registered company owned by employee shareholders, global growth equity firm General Atlantic and Hg, the specialist software and technology services investor.

SOURCE Argus Media