Published 07th June, 2010
India's Hinduja Group is looking to raise as much as $1bn through the public sale of shares in Petromin.
Hinduja, one of the world's largest and richest steel-to-finance groups is set to sell 30% of the Saudi Arabia-based lubricants producer. Hinduja currently owns 50% of Petromin through it's subsidiary Gulf Oil International. The other 50% is owned by Saudi's Dabbagh Group.
The Initial Public Offering (IPO is yet to be finalised but an announcement is expected soon, with the prospect of an additional IPO of Gulf Oil's sister company, the Hong Kong-based Gulf Oil Marine, which supplies lubricants and technical services to the shipping industry.