Riyadh – Mubasher: Saudi Aramco Base Oil Company (Luberef) has announced the resignation of Ibrahim Q. Al Buainain from his position as the Chairman of the Board, upon a request submitted on 21 May 2026.

Al Buainain served as a non-executive member of Luberef’s board in the Chairman post since 14 August 2022, according to a bourse disclosure.

The company noted that the official resigned for personal reasons, stating that the resignation became effective on the submission date.

The board of directors also resolved to appoint Yasser M. Mufti as the Chairman of Luberef, to complete the current board term which will end on 14 August 2027.

Mufti is currently serving in the Chairman post as a non-executive board member since the appointment date, 24 May 2026.

The new Chairman, Mufti, holds a B.Sc. in Electrical Engineering from King Fahd University of Petroleum and Minerals an MBA from City University of London.

He is currently the Executive Vice President of Products & Customers at Saudi Aramco and previously served as Senior Vice President of Fuels, Vice President of Strategy & Market Analysis, and Saudi Arabia’s Governor to OPEC.

Luberef noted: “Concurrent to his [Mufti’s] executive responsibilities, he serves as Chairman of Valvoline Global Operations (VGO), Yanbu Aramco Sinopec Refining Company (YASREF), Aramco Lubricants & Retail Company (ALURE), Aramco Overseas Company (AOC), Aramco Services Company (ASC), and Saudi Aramco Asia Company (SAAC). He also serves as Board Member of Motiva Enterprises LLC (MOTIVA), Aramco Trading Company (ATC) and Aramco Americas Company (AACO).”

The company further stated that the board of Luberef approved the Chairman appointment on 22 May 2026; however, the board’s approval shall not be deemed final. Such appointment will be discussed at the first general assembly for ratification.