Nippon Oil Buys ItalSing Stake


Nippon Oil (Asia) Ltd. has acquired a controlling 55 percent stake in Singapore lubricant manufacturing joint venture ItalSing Petroleum Co.

Sellers Singapore Petroleum Co. and Eni International each retain 22.5 percent interest in ItalSing, the joint venture they formed in 1993.

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Singapore Petroleum said it received $8 million Singapore dollars (U.S. $5.3 million) for the shares it sold, 27.5 percent of the company. Neither Rome-based Eni nor Nippon Oil could be reached for comment, and neither company issued any statements on the transaction. Enis 2007 annual report placed the total joint venture value at SG $12 million (U.S. $8 million).

With Nippon Oil as majority shareholder, ItalSing will change its name to Eneos ItalSing. The lubricant products of Tokyo-based Nippon Oil and its subsidiaries are sold under the Eneos brand.

Nippon Oil, together with Singapore Petroleum and Eni, will continue to use the ItalSing facilities to manufacture and blend lube oils for the local as well as overseas markets, according to Singapore Petroleum. ItalSings products include mineral and synthetic crankcase lubricants, a wide range of industrial lubricants and greases, marine diesel engine lubricants, and transmission fluids.

In June 2007, Chinese government-owned Sinopec begin producing branded lubricants in Singapore, using both ItalSing and AP Oil.

According to its Web site, ItalSings blending facilities include 16 blending tanks ranging from 3 metric tons to 40 tons in capacity. Its blending facility is supported by 13,000 tons of base oil storage capacity and seven additive tanks. A total of 10 base oil tanks are available for storage of API Group I to Group V base stocks to support production. Its tankage facility connects to Jurong Port, where it receives bulk shipment of base oils. ItalSing also has a packaging facility.

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