Ever since the Petromin Corporation opened for business in 1968, it’s been a key aspect of Saudi Arabia’s growth as an economic power. The main reason stems from the fact that it’s used the Kingdom’s most available commodity, oil, in a versatile fashion that now results in the manufacture of more than 150 different products.
The company began its corporate life as the Petromin Lubricating Oil Company before switching Saudi Arabian for Petromin. However, as an Al-Dabbagh subsidiary since it purchased the firm in 2007, it took on its present name the following year.
The growth over close to 50 years first began to take shape in 1970, when a blending plant was opened in the city of Jeddah. There, the number of metric tons of oil that are blended has doubled, currently reaching 150,000.
Yet growth has not only been seen in other Saudi cities, but in more than 35 different countries across the globe. Within the Kingdom, the 1982 opening of another plant in Riyadh increased revenues by offering a plant that has the capacity to also blend up to 150,000 metric tons of oil. In 1985, grease manufacturing became part of the Saudi business landscape when a plant in Jubail was opened.
The focus of Petromin has now been centralized to four different facets that have some link to the oil industry. In addition to lubricants, fuel retailing is also a major part of the company’s revenues. Rounding out their market reach, vehicles that obviously need oil and lubricants to run are serviced through Petromin Express outlets as well as car dealerships.
Within the scope of different lubricants that are manufactured, consumers can choose from gasoline, diesel, industrial and marine options. In addition, those required for gears and transmissions are also available.