Saudi Aramco to Weigh Buying Out Partner in Refinery

Saudi Arabian Oil Co. is weighing a buyout of partner Jadwa Investment Co.’s stake in a refining company as the private equity firm considers exiting the joint investment, according to people familiar with the matter.

Aramco, as the energy giant is known, may also bring in another firm to buy Jadwa’s 30 percent stake in Saudi Aramco Base Oil Co. the people said, asking not to be identified as the information is private. Jadwa’s holding in the business, known as Luberef, could be valued at about $1 billion, the people said. No final decisions have been made and the parties may also decide to retain their stake, the people said.