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Aramco will complete Valvoline unit buyout by early 2023

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The company will expand its research and development activities and partnerships with original equipment manufacturers after VGP acquisition.

Saudi Arabian Oil Company (Aramco) plans to complete the acquisition of Valvoline Global Products (VGP) by early 2023, Arab News reported, citing its downstream senior vice president Mohammed Y. Al-Qahtani.

In August, the company signed a SAR 9.9 billion ($2.65 billion) equity purchase agreement to acquire the US-based company.

Al-Qahtani said Aramco would expand its research and development activities and partnerships with original equipment manufacturers following the VGP acquisition.

The buyout will complement its line of premium branded lubricant products, the newspaper report said.

Aramco will own the Valvoline brand worldwide after closing the deal. 

On the retail side, Valvoline will hold the Valvoline brand globally, excluding China and certain Middle Eastern and North African countries.

VGP is an independent producer and distributor of premium branded automotive, commercial and industrial lubricants and automotive chemicals.

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