The giant Saudi oil company, Aramco, announced today, Thursday, the conclusion of a deal worth $ 2.65 million to complete the acquisition of the American “Valvoline” company for the manufacture of automotive oils and lubricants.

 Saudi Aramco said in a statement that it had completed the acquisition of “Valvoline” company, listed on the New York Stock Exchange under the symbol “VVV”, for $ 2.65 billion, through one of its wholly owned subsidiaries, and that step came after the two companies announced the signing of a purchase agreement. Stocks on August 1st.

Under the deal, Aramco benefits from Valvoline‘s strong manufacturing and distribution network, its strong partnerships with users and suppliers, and its 150-year-old global brand reputation.

Aramco’s senior vice president of refining, processing and marketing, Mohammed bin Yahya Al-Qahtani, said last August: “Valvoline’s global products segment is fully consistent with Saudi Aramco’s growth strategy with regard to lubricants because it will add value to our production of base oils around the world.” “.

He added, “Valvoline will develop our capabilities in research and development in this field, and will enable us to benefit from our relationships with original equipment manufacturers.”

It is noteworthy that “Saudi Aramco” is the national oil company in the Kingdom of Saudi Arabia, founded in 1933, and its headquarters is located in Dhahran, and the company controls almost all oil production facilities in the country, and Valvoline is considered a leading global company with a long history in the field of production and distribution of premium lubricants , a well-known brand, for automotive and industrial uses, as well as automotive chemicals.