Volume 4 Issue 33

East Asian Players Talk New Grease Biz

Indonesias national oil company, PT Pertamina Lubricants, signed an agreement recently to explore the possibilities of establishing a grease company with local subsidiaries of two Japanese firms.

Indian Blenders Bit by GST in Q1

Indian lubricant suppliers saw first-quarter profits fall by between 30 and 55 percent from the same period last year. Most cited the transition to the countrys new tax system in June as a major reason for the slide, and were optimistic for a quick recovery.

Promoter Boosts Stake in Gulf Oil Lubricants

Gulf Oil International (Mauritius) Inc. has acquired an additional stake in Gulf Oil Lubricants India Ltd., bringing its total share to 71.48 percent. The promoters move comes as construction of the companys second blending plant nears completion.

Briefly Noted

Lazada will host the Shell Malaysia online store, launched this month as the lube suppliers foray into online-to-offline business in Southeast Asia. Petronas Lubricants International said last week that it will complete its $50 million blending plant in Patalganga, India, by the first quarter of 2018. The Malaysian national oil company subsidiary is aiming to triple its share in Indias lubricant market by 2022. United Arab Emirates-based Gulf Petrochem Group, owner of Indias GP Petroleums Ltd., secured a $150 million loan to grow all its enterprises, including base oils, lubricants and grease, and plans to seek additional funding in Malaysia and Indonesia.