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 the Saudi businessman Mohammed Al-Amoudi.

Alongside Preem, Mohammed Al-Amoudi owns the construction company Midroc and a large number of properties in Sweden. He is also the single biggest shareholder in the construction company Peab. It can be said that through his companies Mohammed employs about 15,000 people in Sweden.