Gulf Oil International Ltd, part of the Hinduja group, is pleased to announce that it has reached an agreement to acquire the lubricant blending plant with wharf access, storage tank farm and terminal facility from Ocean Tankers (PTE) Ltd, located in the Tuas region of Singapore. The Facility will be acquired and continue to operate as a going concern.
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. 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.”
The agreement is subject to closing conditions.
About Gulf Oil International:
Gulf, a wholly owned entity of the Hinduja Group, is one of the largest privately-owned downstream companies, with a presence in over 100 countries worldwide. Gulf is also the majority shareholder in Gulf Oil Lubricants India Ltd, listed on the BSE, which is the leading marketeer of an extensive range of automotive and industrial lubricants in India.
Gulf has a strong international presence in Europe, South America, the Middle East and the Asia Pacific region, with seven owned blending facilities and several licensed plants worldwide. Gulf offers an extensive range of engine oils, lubricants, coolants and brake fluids for automotive, industrial and marine applications. Additionally, Gulf has a global network of more than 1200 fuel stations under license.