Yasser M. Mufti

Yasser M. Mufti was appointed Chairman of the Board of Saudi Aramco Base Oil Company (Luberef) effective May 24, 2026, succeeding Ibrahim Q. Al-Buainain. Mufti is Executive Vice President of Products & Customers at Saudi Aramco and brings deep expertise in global energy markets and downstream operations to the role. He will serve the remainder of the current board term ending August 14, 2027, pending general assembly ratification.

Mufti holds a bachelor's degree in Electrical Engineering from King Fahd University of Petroleum and Minerals, an MBA from City University of London, and completed an Executive Development program at Northwestern University's Kellogg School of Management. He joined Saudi Aramco in 1995 and spent the first seven years in Refined Product Sales before transitioning to Corporate Planning, followed by roles managing Upstream departments including Sea Water Injection, Southern Area Production Services, and Hawiyah Gas Plant. Prior to joining Aramco, Mufti worked as a wireline engineer with Schlumberger for five years.

From 2012 to 2013, Mufti served as Saudi Arabia's Governor to OPEC and adviser to former Minister of Petroleum and Mineral Resources Ali I. Al Naimi, and was appointed Chairman of OPEC's Board of Governors. He subsequently led the Strategic Transformation Office, created and led Aramco's first M&A function, served as President & CEO of Aramco Trading, and held positions as Vice President of Strategy & Market Analysis and Senior Vice President of Fuels. Mufti serves as Chairman of the Board for Valvoline Global, Aramco Lubricants & Retail Company (ALuRe), Saudi Aramco Jubail Refinery (SASREF), and Tas'helat Marketing Company, and sits on boards of Motiva Enterprises, Aramco Trading Company, and PrefChem.

Career History

• Executive Vice President, Products & Customers, Saudi Aramco (September 2023–present)
• Senior Vice President, Fuels, Saudi Aramco (July 2021–September 2023)
• Vice President, Strategy & Market Analysis, Saudi Aramco (June 2017–July 2021)
• Executive Director, New Business Development, Saudi Aramco (June 2016–2017)
• President & CEO, Aramco Trading Company (2014–2016)

What Mufti could bring to Luberef's chairmanship: His appointment reflects confidence in his strategic vision for the base oil sector. As EVP of Products & Customers overseeing Aramco's downstream commercial portfolio, Mufti has driven commercial optimization and investment strategy. His OPEC governance experience, M&A expertise, and track record building new business units position him to strengthen Luberef's competitive position in the global base oil market and expand the company's refining capacity and product offerings.