RIYADH: Saudi Aramco Base Oil Co., also known as Luberef, has appointed Samir Abdulaziz Al-Hokail as its president and CEO.
In a statement issued to Tadawul, the company said Al-Hokail will replace Tareq A. Al-Nuaim “due to a change in his secondment post.”
The company’s board of directors unanimously approved the decision on Thursday in accordance with a Sept. 5 resolution.
Luberef and the board extended their appreciation to Al-Nuaim for his valuable contributions to the company’s advancement.
They also welcomed the new CEO and wished him success in his new role.
Since his arrival at Saudi Arabian Oil Co., also known as Saudi Aramco, in 1997, Al-Hokail has held numerous leadership roles within the company and its affiliated entities.
Before this stint, he served as the president and CEO of Saudi Petroleum International in New York since 2016, where his responsibilities included overseeing Saudi Aramco’s crude oil sales to the North American market.
Luberef’s net profit surged 21.68 percent to SR900.52 million ($240 million) in the first half of 2023 compared with SR740.10 million in the same period last year.
The company revealed in a statement to Tadawul that the increase was due to lower zakat and income tax expenses, as the firm is subject to pay only zakat.
In December 2022, Luberef made its debut on the Tadawul All Share Index when the company sold shares previously held by the private equity firm Jadwa Investment.
Saudi Aramco still maintains ownership of the remaining 70 percent of Luberef, as the energy giant did not divest any of its shares in the offering.
Source: Arab News