• Saudi Aramco, the world's largest crude producer, has acquired the global products business of Valvoline, the US motor oil and lubricant maker, for $2.65 billion. This acquisition will help Aramco broaden its presence in the lubricants market.
• Valvoline will maintain its headquarters in Lexington, Kentucky, and retain the rights to its brand name for retail services as part of this agreement. Meanwhile, Aramco will possess the Valvoline brand for products used worldwide. Valvoline's CEO has stated that shareholders will be rewarded with “significant” returns through share buy-backs in the next year and a half.