Valvoline Global Products
2023
$2.6B
Why
Added the Valvoline lubricants brand and global distribution outside the Valvoline retail business.
Saudi Arabian Oil Company
Integrated Oil & Gas and Upstream HydrocarbonsFounded 1933- HQ today: Dhahran, Saudi Arabia
Reviewed by Swet Parvadiya
Company data updated: October 2026
Acquisitions
Saudi Aramco Acquisitions
3
Major Deals Covered
$71.8B
Disclosed Deal Value
What are Saudi Aramco's biggest acquisitions?
Saudi Aramco's largest disclosed acquisition here is SABIC (70% stake) for $69.1B in 2020. This page covers 3 major deals from 2017 to 2023, each with its price where disclosed and the reason behind it.
- Major deals covered
- 3
- Largest deal
- SABIC (70% stake) ($69.1B)
- First deal
- 2017
- Most recent
- 2023
| Company | Year | Price | Purpose |
|---|---|---|---|
| SABIC (70% stake) | 2020 | $69.1B | Bought from the Public Investment Fund to expand into petrochemicals and convert more crude into chemicals. |
| Valvoline Global Products | 2023 | $2.6B | Added the Valvoline lubricants brand and global distribution outside the Valvoline retail business. |
| Motiva Enterprises (full ownership) | 2017 | Undisclosed | Saudi Aramco and Shell divided the assets of their US refining joint venture Motiva in 2017. |
- What companies has Saudi Aramco bought?
- Major acquisitions by Saudi Aramco documented here include SABIC (70% stake) (2020), Valvoline Global Products (2023) and Motiva Enterprises (full ownership) (2017).
- What is Saudi Aramco's most recent acquisition?
- The most recent Saudi Aramco acquisition documented here is Valvoline Global Products, in 2023, for $2.6B.
SABIC (70% stake)
2020
$69.1B
Why
Bought from the Public Investment Fund to expand into petrochemicals and convert more crude into chemicals.
Impact
Made chemicals a major part of Aramco's downstream segment.
Outcome
SABIC is consolidated within Aramco's downstream results.
Motiva Enterprises (full ownership)
2017
Why
Saudi Aramco and Shell divided the assets of their US refining joint venture Motiva in 2017.
Impact
Aramco took full ownership of Motiva, including the Port Arthur refinery, the largest in North America.
Outcome
Completed in May 2017.
Saudi Arabian Oil Company's Growth & Acquisition Strategy
Aramco's growth plan focuses on raising gas output, led by the Jafurah unconventional gas field, expanding liquids-to-chemicals capacity through SABIC and refining partners in Asia, and building an LNG and trading presence through deals such as its stake in MidOcean Energy. In September 2026 Argaam reported that Aramco had hired an adviser on setting up a standalone gas unit.
How Saudi Arabian Oil Company Makes Money
Aramco makes money across two main segments. Upstream explores for and produces crude oil, condensate, natural gas and natural gas liquids, mainly from Saudi fields such as Ghawar and Safaniya, and sells them to domestic and international customers. Downstream refines crude, trades and markets fuels, and makes chemicals through SABIC, Motiva in the US, S-Oil in South Korea and joint ventures in China. Upstream generates most of the profit. The Saudi state collects royalties, income tax and dividends, which makes Aramco central to government finances and Vision 2030 funding.
Saudi Aramco Acquisitions FAQ
What was Saudi Aramco's largest acquisition in company history?
Aramco's largest acquisition was the purchase of a 70% controlling stake in SABIC (Saudi Basic Industries Corporation) from Saudi Arabia's Public Investment Fund (PIF) for $69.1 billion, completed in June 2020 to create a global chemicals juggernaut.
Why did Saudi Aramco acquire Valvoline Global Operations?
In March 2023, Aramco acquired Valvoline Global Operations for $2.65 billion. The deal gave Aramco full ownership of Valvoline's global lubricants manufacturing and distribution network spanning 140 countries, providing a captive global retail channel for Aramco's base oils.
How did Aramco gain 100% control of Motiva Enterprises in Texas?
Motiva was originally a 50/50 joint venture between Aramco and Royal Dutch Shell. In May 2017, the partners dissolved the venture, and Aramco took sole 100% ownership of Motiva, including the 630,000 bpd Port Arthur Refinery in Texas—the largest crude refinery in North America.
What was Aramco's $3.6 billion strategic investment in Rongsheng Petrochemical?
In July 2023, Aramco acquired a 10% equity stake in China's Rongsheng Petrochemical for $3.6 billion (24.6 billion RMB). Under the agreement, Aramco supplies 480,000 barrels per day of Arabian crude oil to Rongsheng's massive integrated refining complex in Zhejiang.
How did Aramco enter the liquefied natural gas (LNG) market via MidOcean Energy?
In September 2023, Aramco made its first international LNG investment by acquiring a minority stake in MidOcean Energy for $500 million, securing access to export terminals and operational LNG projects in Australia.
What was the SASREF acquisition from Shell in Jubail?
In September 2019, Aramco acquired Shell's 50% stake in the Saudi Aramco Shell Refinery Company (SASREF) in Jubail Industrial City for $631 million, bringing the 305,000 bpd export refinery under 100% Aramco ownership and integration.
What is the Sadara Chemical Company joint venture with Dow?
Sadara is a multi-billion-dollar joint venture formed in 2011 between Aramco and Dow Chemical in Jubail. Operating 26 manufacturing units, it is the largest petrochemical complex ever built in a single phase, producing performance plastics and polyurethanes.
What is the HAPCO joint venture project in Liaoning, China?
Aramco partnered with NORINCO and Panjin Xincheng to build Huajin Aramco Petrochemical Company (HAPCO), a $12 billion refining and petrochemical complex in Liaoning Province, with Aramco supplying up to 210,000 bpd of crude oil feedstocks.
How did Aramco acquire a stake in Pakistan's Gas & Oil Company (GO)?
In May 2024, Aramco completed the acquisition of a 40% equity stake in Gas & Oil Company Limited (GO), one of Pakistan's largest retail fuel, lubricants, and storage companies, marking Aramco's direct entry into Pakistan's consumer fuel retail market.
What is the strategic goal behind Aramco's global M&A deals?
Aramco's M&A program focuses on downstream vertical integration: acquiring processing capacity and distribution assets in high-growth demand centers to guarantee captive off-take demand for Saudi crude and expand high-margin petrochemical derivatives.
What happened to Aramco's ownership in S-Oil Corporation in South Korea?
Aramco initially acquired a 35% stake in S-Oil in 1991 and expanded it to a controlling 63.4% stake in 2015. S-Oil is Aramco's key downstream flagship in East Asia, currently executing the $7 billion Shaheen petrochemical project.
How does Aramco manage M&A integrations under its Downstream segment?
Acquired entities like SABIC and Valvoline retain distinct commercial brand identities and customer sales divisions, while raw material procurement, crude feedstock delivery, and global supply chain logistics are centralized within Aramco's corporate operations.
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