Hyflux sets up JV with Saudi firms

JEDDAH — A Singapore company, Hyflux, is setting up an S$45 million joint venture company with two Saudi Arabian partners — private wealth management firm SEDCO and used oil collector and recycler LUBREC — for a used-oil recycling plant in Jeddah.

By Our Correspondent

Published: Mon 21 May 2007, 8:46 AM

Last updated: Sat 4 Apr 2015, 11:07 PM

It will be Saudi Arabia's first membrane-based oil recycling plant turning used oil into high grade base oil for lubricants.

The tie-up will give Hyflux a 41.5 per cent stake in LUBREC, and access to a major used lubricant oil market worth some $40 million a year.

According to Hyflux estimates the used lube oil business in its key markets of Saudi Arabia, China, India and South East Asia is worth more than $1 billion.

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