MOSCOW (MRC) -- Saudi Aramco has announced its entry into Saudi Arabia’s domestic lubricants market, offering consumers a new line of lubricant products under the ORIZON brand, according to Hydrocarbonprocessing.
Aramco timed the ORIZON launch to coincide with the inaugural Saudi Arabian Formula 1 Grand Prix in Jeddah, Saudi Arabia. Aramco is a global sponsor of Formula 1.
Aramco has introduced the ORIZON product line in more than 20 cities including Riyadh, Jeddah and Dammam with more locations planned. ORIZON products include synthetic and semi-synthetic lubricants for gasoline engines and heavy-duty diesel engines, as well as driveline products, greases and brake fluids.
The company has also expanded the brand to include ORIZONPRO, which is a high-performance line for the industrial sector.
Aramco Vice President of Fuels, Yasser M. Mufti, said: “Entering the lubricants market is an important milestone for the company, as we continue to expand our presence throughout the downstream value chain.”
As MRC informed before, in June 2020, Aramco finalized its USD69 billion acquisition of a 70% stake in Saudi Basic Industries Corp., the Middle East's biggest petrochemical maker. SABIC reported more than a fivefold year-on-year increase in its Q3 net profit to USD1.49 billion thanks to higher average sales prices.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,868,160 tonnes in the first nine months of 2021, up by 18% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.
Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national oil and natural gas company based in Dhahran, Saudi Arabia. Saudi Aramco's value has been estimated at up to USD10 trillion in the Financial Times, making it the world"s most valuable company. Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels, and largest daily oil production.