Cleary Gottlieb advises Luberef on its IPO

Cleary Gottlieb is representing Saudi Aramco Base Oil Company (Luberef) on its announced initial public offering and listing on the main market of the Saudi Exchange. The transaction will consist of an offering to the public and institutions in the Kingdom of Saudi Arabia and an institutional offering internationally outside the United States in reliance on Regulation S, and is expected to raise up to USD1.32 billion.

Luberef is one of the largest base oils producers in the world and is 70 per cent owned by Saudi Aramco. Jadwa Industrial Investment Company owns the other 30 per cent and is the selling shareholder in the offering.

The Cleary Gottlieb team was led by, partners, Gamal Abouali and Yulia Solomakhina in Abu Dhabi and included partners Lynn Ammar and Chase Kaniecki, senior attorney Jim Corsiglia and associates Mohamed Taha, Dina Iskanderova, William Dawley and Misthura Otubu in the Abu Dhabi, London, Washington DC and New York offices.