Hyrax Oil Sd Bhd, a manufacturer of transformer oil and other lubricants in Malaysia, recently signed a three-year, $30 million distributorship agreement with Jeddah-based The Saudi Co. of Chemical Trading Ltd. (Chemtrade), according to a report Monday by Bernama, Malaysias state-run news agency.
Hyrax Oil managing director Datuk Hazimah Zainuddin and Chemtrade general manager Rakan Alireza signed the distributorship agreement at the Malaysia External Trade Development Corp. (Matrade) office in Dubai, United Arab Emirates. Matrade is a national trade promotion agency whose primary role is to assist Malaysian companies to develop and expand their export markets.
According to Hyraxs Hazimah, the Saudi distributors network covers Saudi Arabia, Yemen, Bahrain, Qatar, UAE, Oman, Kuwait, Jordan and Iraq. About 80 percent of Hyraxs production is for export, she said, with the Middle East its biggest market. Other countries where Hyrax Oil products are sold include Australia, New Zealand, Nigeria, Tanzania and Cyprus.
Hyrax Oil was incorporated in 1991. Its principal activities include design and development of automotive, industrial and specialty lubricants and other petroleum derivatives. Its customers include both international and local companies, including Malaysias ministries of finance and defense and the countrys largest electricity utility company.
Chemtrade was established in 1979 to cater to the chemical raw material needs of the growing industrial sector in Saudi Arabia and the Arabian Gulf region. It has grown to be one of the largest chemical distributors in the Middle East, with more than 40,000 metric tons of various chemicals sold each year. Chemtrade works with chemical manufacturers and suppliers worldwide, including ExxonMobil, Nynas Naphthenics and Lyondell.
In 1987, the company built the Arabian Chemical Terminal, which was the first commercial bulk storage terminal in Saudi Arabia.