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Message From The Leadership IPO Transaction Milestones About Investment
Highlights Useful Resources Contact العربية
ONE OF THE LARGEST BASE OILS PRODUCERS IN THE WORLD
ONE OF THE LARGEST BASE OILS PRODUCERS IN THE WORLD
Helping produce 1 in every 8 barrels of base oil globally, as part of the Saudi
Aramco base oil alliance, with an annual total capacity of 1.3 million metric
tonnes of both Group I and II base oils.
ATTRACTIVE MARGINS, HIGH CASH CONVERSION AND EXCEPTIONAL RETURNS
ATTRACTIVE MARGINS, HIGH CASH CONVERSION AND EXCEPTIONAL RETURNS
A robust financial framework with a track record of value-added growth,
underpinning shareholder distributions.
A DRIVING FORCE IN THE KINGDOM'S INDUSTRIALIZATION AMBITIONS
A DRIVING FORCE IN THE KINGDOM'S INDUSTRIALIZATION AMBITIONS
Our products keep the global supply chain moving, from the Kingdom of Saudi
Arabia, across the Middle East and beyond.
Message from the leadersHip
Message from the leadersHip
We believe Luberef is an integral part of Saudi Arabia’s supply chain and a
driving force in the Kingdom’s industrialization ambitions. Luberef’s listing
adds an important strategic dimension to the Company’s growth strategy, while
facilitating our vision to be the leading supplier of premium base oils and
specialty products.
Ibrahim Qassim Al Buainain
Chairman
Luberef’s IPO supports its growth ambitions, will strengthen its already
competitive business and unlock new opportunities for its stakeholders. Since
its establishment, Luberef has built a robust reputation for delivering
high-quality base oil products in the Kingdom of Saudi Arabia and beyond, while
creating value for all its stakeholders. As we have done in the past, Luberef
will continue focusing on achieving growth in key end-markets, especially where
market dynamics present attractive demand outlooks.
Tareq Abdulaziz Alnuaim
President and CEO
OVERVIEW
INITIAL PUBLIC OFFERING
Saudi Aramco Base Oil Company (Luberef) is pleased to announce its intention to
offer 29.6562963% of its share capital to the public through an initial public
offering (IPO) and listing its shares on the Main Market of the Saudi Exchange,
creating opportunities for investors to participate in one of Saudi Arabia’s
most prominent sectors.
All the Offering Shares will be offered to individual and institutional
investors (including institutional investors outside the United States), with a
claw-back by the retail investors of up to 25%, as determined by the Joint
Financial Advisors.
50,045,000
ordinary shares will be listed on the Saudi Exchange’s Main Market
29.6562963%
of Luberef’s issued share capital of 168,750,000 shares, offered by Jadwa
Industrial Investment Company (Jadwa)
100%
or 50,045,000 offer shares will be offered to institutional investors
25%
or 12,511,250 offer shares to be clawed back and offered to retail investors
TRANSACTION MILESTONES
1. Intention to Float
27 Nov 2022
2. Price Range Announcement and Institutional Book Building
4-9 Dec 2022
3. Final price announcement and final prospectus
11 Dec 2022
4. Retail Subscription period
14-18 (at 5pm) Dec 2022
5. Announcement of the final allocation of the Offer Shares
22 Dec 2022
6. Refund of excess subscription amounts (if any)
28 Dec 2022
7. Start of Trading
TBC
How to Subscribe
FAQS
Where does Luberef plan to list?
The shares will be listed on the Main Market of the Saudi Exchange.
How can I subscribe?
Please contact one of the selling agents listed below: SNB Capital Company (Lead
Manager), HSBC Saudi Arabia, Citigroup Saudi Arabia and Morgan Stanley Saudi
Arabia, as the Joint Financial Advisors, Bookrunners, and Underwriters, can
advise you on the process to invest. Further details will be disclosed in the
prospectus in due course. We also recommend discussing your investment related
queries with your financial advisor.
Who is eligible to subscribe to the offering?
Subscription to the offer is available to: (1) Participating Parties: This
tranche comprises the parties entitled to participate in the book-building
process as specified under the Book-Building Instructions; and (2) Retail
Subscribers: This tranche comprises Saudi Arabian nationals, in addition to any
non-Saudi natural person who is resident in the Kingdom and any GCC natural
person, provided they have a bank account with one of the Receiving Entities and
are entitled to open an investment account. Further details will be disclosed in
the prospectus in due course.
When will the final offer price be announced?
The final price of the shares will be set after the book-building is complete.
HOW TO SUBSCRIBE FAQS
ABOUT LUBEREF
1.3
MILLION MT
ANNUAL PRODUCTION CAPACITY FOR GROUP I AND GROUP II BASE OILS
SAR
8,847
MILLION
(USD 2,359 MILLION1)
REVENUES IN 2021G
SAR
2,096
MILLION
(USD 559 MILLION)
EBITDA IN 2021G
USD
599
PER MT BASE OIL CRACK MARGIN2 IN 2021G
83%
CASH
CONVERSION3 IN 2021G
SAR
938
MILLION
(USD 250 MILLION) DIVIDEND
DISTRIBUTIONS IN 2021G
31%
ROACE4
FOR 2021G
15%
GEARING5
AS AT DECEMBER 2021G
1 For the purposes of this announcement, the exchange rate applied is [SAR 1 =
USD 3.75]
2 The difference between the prices of base oil and the prices of feedstock
3 Cash conversion defined as FCF / EBITDA. FCF defined as net cash flow from
operations minus capex
4 ROACE – Return on Average Capital Employed; NOPAT / (average net debt plus
average book value of equity). NOPAT calculated as operating income minus taxes
5 Net debt / (net debt plus book value of equity)
INVESTMENT HIGHLIGHTS
Highly specialized and embedded base oil producer
Luberef is a highly specialized, standalone base oil producer with global scale
assets and a unique position in the Middle East:
* Luberef is a pure play base oil producer, with facilities optimized for base
oil production and is the only virgin base oil producer in the Kingdom.
* The Company’s base oil production capacity of 1.3 million MT per annum
positions it as the second largest producer by capacity6 in the Middle East
in 2021G, leveraging its long-term agreements with Saudi Aramco for the
provision of its high-quality Arab-light feedstock.
* Luberef’s production assets have competitive scale globally7 with the Yanbu
facility ranking among the largest ten refining facilities globally in terms
of capacity when including the planned Yanbu Growth II expansion project.
* The Company is integrated within Saudi Aramco’s system and supplies critical
products to the Kingdom.
* The Company has a network of global marketing and logistical hubs in
strategic locations, including the Kingdom and the UAE, which Luberef
utilizes to export its products regionally and globally.
* The Company’s participation in the Aramco Base Oil Alliance allows it to
supply base oils to key markets in Asia and the Americas through its
partners, S-Oil and Motiva, to benefit from additional demand in other
markets.
6 Market Consultant Report - IHS Markit and the Company for Company data
7 Market Consultant Report - IHS Markit and the Company for Company data
Advantaged value chain positions with competitive cost structure
Luberef has advantaged value chain positions due to long term access to high
quality, low value reduced crude oil feedstock, operational cost leadership,
strategically located production assets, and long-standing relationships with
key customers:
* Luberef has advantaged value chain positions in feedstock supply, assets and
operations, and customer relationships.
* The Company enjoys long-term agreements with Saudi Aramco for the provision
of its high-quality Arab-light feedstock.
* Luberef’s high quality, low value reduced crude oil feedstock, the main
feedstock used by the Company, has an optimal composition for use in
producing base oils, and its market price is typically lower per barrel than
Brent due to its high sulfur content8.
* The Company’s advantaged feedstock position and reliability of supply enable
high plant utilization (87% in 2021G ) and base oil production, resulting in
high operational efficiency, supply and resilience.
* The Company’s base oil unit production cost, excluding feedstock, was
approximately USD 119 per MT in 2021G, over 60% lower than the average for
other base oil producers9 due to its asset quality and scale, energy
efficiency, and high utilization from secured feedstock.
* The Company has deep, multi-decade relationships with globally and regionally
renowned base oil customers, due to the reliability and quality of its base
oil supply.
8 Market Consultant Report - IHS Markit and the Company for Company data
9 Market Consultant Report - IHS Markit and the Company for Company data
Track record of value-add growth
The Company has a track record of value-added growth with attractive
opportunities to capture projected market growth in key end-markets:
* Luberef has grown its base oil production capacity and sales volumes, with
the most recent Yanbu Growth I expansion project, allowing the Company to
introduce Group II base oil production capacity into Saudi Arabia to cater
for domestic and regional demand.
* The expansion of the Yanbu facility following the implementation of the Yanbu
Growth I expansion project increased production capacity of the facility by
710 thousand MT, and resulted in an approximately 50% increase in Group II
base oil sales volumes in 2021G compared to 2020G.
* The demand outlook for base oils is further supported by strong macro
fundamentals in Saudi Arabia and the broader Middle East region, which are
key end-markets for Luberef, with real GDP expected to grow at a CAGR of
approximately 2.5% in Saudi Arabia and approximately 3.3%, in the Middle East
between 2021G and 2030G10.
* The Company intends to continue to benefit from the structural growth in
global demand growth for Group II and Group III base oils which are expected
to grow at a CAGR of 3.5% and 4.8% between 2022G and 2030G, respectively11.
* The next phase of the Company’s growth story includes the Yanbu Growth II
expansion project, which is planned to be completed in 2025G, and which will
add additional Group II base oil production capacity and introduce Group III
base oil production capacity to Luberef.
* The relationship with Saudi Aramco and its asset portfolio presents a unique
platform for additional opportunities for further growth, with demand for
base oils globally expected to increase by approximately 5 million MT between
2022G and 2030G12.
10 Market Consultant Report - IHS Markit
11 Market Consultant Report - IHS Markit
12 Market Consultant Report - IHS Markit
High margins, cash conversion and returns underpin shareholder distributions
Luberef’s high margins, high cash conversion and high returns underpin a robust
financial framework and allow for optimum shareholder value:
* In FY 2021G, Luberef generated approximately SAR 8,847 million (USD 2,359
million) in revenues and SAR 2,096 million (USD 559 million) in EBITDA
resulting in cash conversion of 83% and a ROACE of 31%. Furthermore, the
Company distributed SAR 938 million (USD 250 million) of dividends to its
shareholders during that period.
* The Company achieved a base oil crack margin of SAR 2,250 (USD 599) per MT in
FY 2021G.
* The Company’s strong financial performance in FY 2021G is attributed to an
increase in Group II base oils sales volumes following full ramp up of its
Yanbu Growth I expansion project in 2021G, in addition to high demand that
was met with tight supply in the base oil market due to lack of feedstock
from refinery operations of some base oil producers.
* The Company operates within a robust financial framework that focuses on
three key elements including capital structure, capital investments and
shareholders returns.
* The Company targets a prudent capital structure and strong liquidity
position, with a target gearing ratio of 25-35% through the cycle and gearing
of 15% at December 2021G.
* The Company's operational setup requires low maintenance capex, given its
well invested asset base, preventative maintenance programs, the recently
completed and ramped up expansions, and a rigorous capital allocation process
for growth projects, all of which underpin a robust financial profile which
the Company believes is beneficial to ROACE.
Strong environmental performance and robust business governance
Luberef has a strong commitment to environmental and social performance and a
robust governance framework:
* Luberef has a goal to foster environmental excellence. The Company delivered
a 40% flaring reduction in 2021G vs. 2020G, as well as an approximate 45% CO2
emission reduction in 2021G vs. 2016G13
* The Company is also exploring new opportunities and collaboration for low
carbon hydrogen production and opportunities to reduce the sulfur content of
its fuel oil and base oils.
* The Company collaborated with KAUST to target up to an 85% reduction in
sulphur content of its fuel oil and base oils.
* The Company has a goal to contribute to the well-being and safety of its
employees and the communities it operates in. In 2021G, the Company reported
a total recordable incident rate of 0.0, which reflects its efforts for
employee safety.
* From a governance perspective, the Company has an experienced Board of
Directors, with defined corporate governance policies aligned with the
applicable governance regulations.
* The Company maintains an arms-length relationship with Saudi Aramco, with key
feedstock purchases and product sales conducted on an arm’s length basis.
13Based on CO2 generated per valuable product produced i.e., base oils, naphtha,
ULSD, and drilling fluid.
Experienced management team with expertise across the value chain
The Company’s experienced management team has decades of expertise across the
value chain and is committed to foster operational excellence and innovation:
* Luberef has a highly experienced leadership team, with strong sector
knowledge, and a deep commitment to maintaining the highest standards of
excellence at the Company.
* The senior management team has over 170 years of combined experience across
various operational and financial areas.
USEFUL RESOURCES
ITF PRESS RELEASE
IPO FACTSHEET
RED HERRING PROSPECTUS
RED HERRING PROSPECTUS
PRICE RANGE ANNOUNCEMENT
FINAL OFFER PRICE ANNOUNCEMENT
SUBSCRIPTION PERIOD RESULTS FOR INDIVIDUAL INVESTORS ANNOUNCEMENT
CONTACTS
Lead Manager
SNBC.CM@alahlicapital.com
Communications Advisor
LuberefIPO@fgsglobal.com
Joint Financial Advisors, Bookrunners, Global Coordinators and Underwriters
Receiving Banks
Saudi British Bank (SABB)
sabb@sabb.com
Bank Albilad
customercare@bankalbilad.com
Riyad Bank
customercare@riyadbank.com
Alinma Bank
noemail address found
2022 © Saudi Aramco Base Oil Company – Luberef. All Rights Reserved. Powered by
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