Petrolube, BPCL Sign Agreement

Author: 
Arab News
Publication Date: 
Thu, 2007-02-01 03:00

JEDDAH, 1 February 2007 — Saudi Arabian Lubricating Oil Company (Petrolube) and Bharat Petroleum Corporation Limited (BPCL), the second largest Petroleum company in India, have signed a blending and marketing agreement of Petromin oil products in India. The agreement was signed here yesterday on behalf of Petrolube by its president and CEO Salem H. Shaheen, and by K.K.Gupta, executive director, BPCL. The signing ceremony, held at Petrolube’s headquarters, was attended by Samir M. Nawar, GM Marketing & Sales, Ghassan A. Elias, Manager IOD, S. Radhakrishnan, Director (Mktg.), and Rajiv Puri, Manager Exports. Dr.Ausaf Sayeed, Consul General of India, was also present.

The agreement is the result of more than six months of meetings, discussions, and field visits concluded by BPCL, which gets the right to blend and market Petromin marine oils in the Indian subcontinent.

Bharat Petroleum, India’s second largest company, owns and operates three refineries, 7,200 gas stations, three lube oil blending plants, distribution and storage facilities throughout that country. The demand for lubricants in India has been increasing by four percent annually, while the off-take of marine lubes has gone up by 15 percent. India’s estimated consumption of marine oils was to the tune of 200,000 bbls during 2006. Bharat, in cooperation with Petrolube, wants to gain a fair market share by planning to market not less than 120,000 bbls of marine oils during the first five years of operation.

Petrolube is a pioneer in the production and marketing of Petromin Oils for almost fourty years. It has gained customer confidence because of its product’s high performance, achieving a domestic market share of 30 percent, and exporting its products internationally to more than 35 countries.

Main category: 
Old Categories: