Petromin Corporation was formed in 1968 by a Royal decree. On the date of its inception, the company's name was Petromin Lubricating Oil Company (Petrolube) which was one of the joint ventures of the General Organization of Petroleum and Minerals (Petromin).
The company was renamed as the Saudi Arabian Lubricating Oil Company in 1997. Since 2008, the company is now simply called Petromin Corporation.
The purpose of establishing the company was to provide lubricants to the Saudi market as strategic commodity that has become increasingly necessary and in-demand to the development of Saudi Arabia. Since Saudi Arabia is the largest oil producer and possesses the main ingredients for the manufacturing of this product, it was only a natural and necessary step to establish a company exclusively for the production of lubricants. The company started its production through its first blending plant in Jeddah in 1970.
The first plant in Jeddah was designed to blend 70,000 M. tonnes; today the plant has doubled in size to blend 150,000 M. tonnes or 1 million bbls annually. The vast geographical spread of Saudi Arabia and the quick development of its infrastructure justified the building of another plant in Riyadh to cover the increasing market demand. Riyadh plant was completed in 1982 with a capacity of 150,000 M. tonnes. In 1985, another plant was built in Jubail with a similar capacity for lubricants along with the first grease manufacturing plant in Saudi Arabia and the Middle East to produce 6000 M. tonnes of all kinds of greases.
The increased blending capacity allowed the company to conclude third party blending arrangements, whereby competitors in this field utilized the plants of the company to produce their own brands through blending fee arrangements. Many of the major international companies blended their products at the company's plants, such as Mobil, Elf, Agip, Gulf, TOTAL and others.
In 1995, the company decided to build its own drum manufacturing plant in Riyadh to cover its own requirement of over 200,000 metal drums annually and sell the same to the third party blenders. This plant now operates under a joint venture with a global player.
Within the 43 years, since its inception, Petromin Corporation has continually expanded and grown in manufacturing capacity and product development. Striving always to remain on the forefront of technology, by keeping its products abreast with all original engine manufacturer (OEM) approvals and keeping up with American Petroleum Institute (API) and other worldwide entities' performance levels and specifications for their products . Today, Petromin Corporation produces over 150 different products, is the market leader in the Kingdom of Saudi Arabia, exports to over 35 countries in the GCC, Middle East, Africa and Asia. Where it is deemed that exports are not feasible, and where the demand for Petromin Oils is attractive, the company normally concludes royalty blending arrangements whereby Petromin gets its product manufactured and marketed under its brand name and under company's strict quality controls and procedures.