AP Oil launches new China JV
Singapore-based AP Oil International Limited announced the incorporation of a subsidiary, AP Oil Singapore (Chongqing) Ltd., in Chongqing, the People’s Republic of China.
The company is the holder of 51% of the registered capital of AP Oil Chongqing. The remaining 49% of the registered capital of AP Oil Chongqing will be held by Chongqing New Era Lubricant Co, Ltd.
The total registered capital of AP Oil Chongqing is RMB 2,000,000 (USD 311,388), which will be funded from internal sources. The subsidiary’s principal activity is the sales, import and export, and distribution of lubricants and related products.
AP Oil International, formerly known as Huan Chew Oil Trading Pte Ltd, was listed on the Singapore Stock Exchange in 2001. It operates six manufacturing plants, three of which are dedicated to manufacturing lubricants. According to the company website, 90% of its lube products are exported to 20 countries, including New Zealand, Greece, South Korea, China, Taiwan, Hong Kong, Malaysia, Thailand, Vietnam, Myanmar, Indonesia, Cambodia, the Philippines, Bangladesh, Nepal, Fiji, as well as countries in the Middle East.