Hup Soon and AP Oil yesterday announced a 50-50 joint venture in Singapore to develop and produce lubricants under a new brand name, to be sold globally.
AP Oil International Ltd. will be responsible for the competitive procurement and formulation of the lubricants products in accordance with the joint ventures specifications. Hup Soon will carry out marketing activities for the joint ventures brand. Both companies are based in Singapore.
In the joint announcement, the partners said the joint venture offers natural synergies. The joint venture allows the parties to leverage on each others strengths in their respective fields of direct distribution and product sourcing and formulation, the companies stated. It also allows the parties to co-own the brand and allows the products to be sold globally.
AP Oil blends and markets lubricants and specialty chemical products to countries in Asia and the Middle East. Its products include automotive, industrial and marine lubricants, along with greases and industrial specialty oils and fluids. It also supplies base oils and additives used in lubricant production.
According to its web site, AP Oil was incorporated in 1975 as a lubricant distributor and was formerly known as Huan Chew Oil Trading. The company ventured into manufacturing in 1981 and set up the first Singaporean-owned lubricant plant in the country. In 1988, the company established a second lubricants plant, a wholly-owned subsidiary named Alpha Pacific Petroleum. AP Oil now operates five manufacturing plants, including three for manufacturing lubricants and two for specialty chemicals.
Hup Soon Global Corp. Ltd. and its subsidiaries market and distribute automotive aftermarket products, industrial equipment and supplies. It also manufactures batteries.