RIYADH: In a bid to expand its lubricant and allied products business in India, UAE’s ADNOC Distribution has inked a deal with Hindustan Petroleum Corp. Ltd.
HPCL is one of the largest lubricant marketers and fuel retailing companies in India, and with this deal ADNOC Distribution aims to tap into Asia’s second-largest economy, which has an annual demand of 3 billion liters of lubricants.
The deal will also give ADNOC access to a vast network of over 28,000 retail stations in the country, news agency WAM reported.
“With HPCL’s robust performance record spanning over a century, we aim to establish a strong presence in India, one of the world’s largest and rapidly growing markets,” said Bader Saeed Al-Lamki, CEO of ADNOC Distribution.
The agreement will also see both ADNOC Distribution and HPCL working together to jointly explore opportunities to penetrate new and growing markets, targeting 10 key countries in 2023 for the development of their respective businesses.
“We are excited to embark on this journey with ADNOC Distribution. They are the perfect partner for us to build our offering, as their production and marketing capabilities will be instrumental in expanding our business and footprint in the international lubricants’ markets,” said Sanjay Kumar, executive director and head of Lubes strategic business unit, HPCL Middle East FZCO.
World Meteorological Organization praises the UAE for sustainability efforts
As the world sails toward a sustainable future, Jukka Petteri Taalas, secretary-general of the World Meteorological Organization, said the UAE is a role model as the emirates’ economy is now less than 20 percent dependent on fossil fuels.
“The World Meteorological Organization is extremely pleased with the UAE’s actions, including their decision to increase investment in clean energy and other projects that support the organization’s strategy for addressing climate change issues, as well as their decision to host the headquarters of the International Renewable Energy Agency, which is a key player in this field,” Taalas told Emirates News Agency, also known WAM.
Taalas also urged world nations to replace fossil fuel energy sources with climate-friendly ones.
“The World Economic Forum reaffirmed that climate change is a serious economic issue and that there are significant threats to the world economy if we don’t take action to mitigate or adapt to climate change during the next 10 years,” he added.
The comments from Taalas come as the UAE gears up to host the UN Climate Change Conference, popularly known as COP28 from Nov. 30 to Dec. 12, 2023.
