Russian oil major Gazpromneft-Lubricants increased its national sales of motor oils by 24 percent in the first quarter, compared to the year-earlier period.
In the first quarter of this year Gazpromneft-Lubricants posted strong results in motor oils sold in Russia. In this period the companys motor oil sales amounted to 32,000 metric tons, including G-Energy-branded lubes, parent company Gazprom Neft said in a May 26 news release.
The companys total volume of motor oils sold in Russia in this years first quarter amounted to 73,000 tons, or 24 percent more compared to the same period last year, Gazprom Neft said.
I assume this is a one-time situation related to the execution of certain contracts, Oleg Tsvetkov, head of the oil and lubricants department at All Russia Research Institute for Oil Refining, told Lube Report. I would be happy for them if Im wrong, and their sales continue to skyrocket in 2015, he added.
Asked if this is related to the Russias industrys drive to localize its sales, the so-called import substitution policy, Tsvetkov said that would be an optimistic scenario. I dont believe it is the reason for the increased sales [in this years first quarter].
Our companys strategy is to capture a strong position on the Russian lubricant market as well as to develop new production technologies, said Alexander Trukhan, Gazpromneft-Lubricants general director. Without going into detail, Trukhan said the company is trying new blending technologies and new approaches in marketing in an attempt to gain competitive advantages.
Gazpromneft-Lubricants runs five lubricant blending plants, – three located in Russia and two in Serbia and Italy.