Petromin (3)

Under its plan, Petromin listed five principal areas of activity: the exploitation of gas; the diversification of industries within the field of fossil fuels and minerals; developing the refining of oil, including the production of benzene, toluene and xylene for the Kingdom's burgeoning petro-chemical plants; the marketing and transportation, at home and abroad, of LPG; and the speeding up of the production of mineral industries and of the prospecting for and development of precious metal resources.

Towards the end of the 1980s (1400 AH), a major restructuring of the Kingdom's oil industry took place. In 1988 (1408/09 AH), Petromin formed Petrolube, a company jointly owned with Mobil. Petrolube was given responsibility for the production and marketing of the Kingdom's lube oil blending plants in Jiddah, Jubail and Riyadh. In the same year, the Saudi Arabian Oil Company (Saudi Aramco) was formed to manage the assets of Aramco and the Kingdom took a stake in Texaco's downstream operations.

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