Until 1994, Preem (then under the name of OK Petroleum) was owned by the Swedish state, Neste OY and KF. In 1994, the company was bought by Saudi businessman Mohammed H. Al Amoudi.

Besides Preem, Mohammed H. Al Amoudi owns the construction firm Midroc, Svenska Petroleum Exploration and a large number of properties in Sweden. In total, around 15,000 people in Sweden are employed in Al Amoudi’s companies.