RIYADH: Saudi oil giant Aramco has signed a $2.65 billion equity purchase agreement to acquire US-based Valvoline’s Global Products Business, according to a statement. 

Valvoline Global Products is a producer and distributor of premium branded automotive, commercial and industrial lubricants, and automotive chemicals.

The acquisition will complement Aramco’s line of premium branded lubricant products, optimize its global base oils production capabilities, and expand Aramco’s own research and development activities, said Senior Vice President of Downstream, Mohammed Y. Qahtani.

“Valvoline’s brand strength and global recognition will continue to be developed and extended under Aramco’s stewardship,” he added.

Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.