Gulf Oil International announced that it has reached an agreement to acquire a lubricant blending plant from Ocean Tankers (PTE) Ltd, Singapore, which will help it expand market share in marine lubes.
The plant, which is in the Tuas region of the Island city-nation will be acquired with wharf access, storage tank farm and terminal facility as per the agreement, Gulf Oil Lubricants India Ltd said in a release.
The facility will be acquired and continue to operate as a going concern, it said, adding the agreement is subject to closing conditions. The company, however, did not share specific details such as investment in the release.
“This facility provides a strategic opportunity for Gulf to invest further in the marine segment and grow its market share in marine lubricants and other services. It will also provide a regional hub to accelerate our business development plans in South East Asia within the automotive sector, with a focus on Vietnam, Malaysia and Thailand, as well as Oceania,” said Sanjay Hinduja, Chairman of Gulf Oil Lubricants India Ltd.
“In addition, we will continue to support and grow the existing customer base of Ocean Tankers (PTE) Ltd. We are excited to welcome the associated employees to the global Gulf family and engaging with all stakeholders post closing,” he added.
Mike Jones, CEO of Gulf Oil International, said “This facility provides a strategic opportunity for Gulf to invest further in the Marine segment and grow its market share in Marine lubricants and other services. It will also provide a regional hub to accelerate our business development plans in South East Asia within the automotive sector, with a focus on Vietnam, Malaysia and Thailand, as well as Oceania.”