Saudi Aramco’s base oil affiliate Luberef (Aramco 70%, free float 30%) has pushed back the start of its Yanbu Growth II project into the first half of 2027. The SR555mn ($148mn) project will expand Luberef’s Yanbu plant from around 1.1mn t/y to 1.3mn t/y and enable it to produce high-value Group III base oils, but completion would require a temporary shutdown of the existing facilities at a time when strong products cracks have propelled earnings to record highs. Net income increased 113% to a record SAR992mn ($264mn) in H1, thanks to a record base oil crack margin of SAR2,732 ($728) per ton. The plant shutdown has therefore been pushed back to October 2026.