Gulf Petrochem will distribute GP Petroleums Ltd.’s IPOL-branded lubricants in the United Arab Emirates (UAE) and Oman, in partnership with NGC Energy FZE and the National Gas Company S.A.O.G. over five years. The partners have established sales targets of 100 metric tonnes each per month in the UAE and Oman, by the end of the first year.
Gulf Petrochem Group, with a turnover of about USD 3 billion, specialises in oil trading and bunkering, oil refining, grease manufacturing, oil storage terminals, bitumen manufacturing, and shipping and logistics. Its subsidiary GP Petroleums Ltd. manufactures and markets industrial and automotive lubricants, process oils, transformer oils, greases and other specialties under the brand name IPOL. GP Petroleums has lubricant blending plants in India with an annual production capacity of 80,000 kilo litre.
Headquartered in Muscat, Oman, National Gas Company was originally established to meet the liquefied petroleum gas (LPG) consumption needs in the region.
“This partnership seems like a natural step for all concerned and will only serve to enhance the availability of quality products on the market in UAE and Oman. We believe there is a huge market in the region for IPOL, which is specially tailored for industries, and in partnering with National Gas Company and NGC Energy, we have secured business with trusted firms who share our ambition and drive,” said Prerit Goel, group director of UAE-based Gulf Petrochem.
Operations are expected to fully commence in the third quarter. National Gas and NCG Energy are currently recruiting additional sales staff and developing infrastructure facilities, including warehouses and delivery vehicles, as part of the agreement.
“Since we signed the agreement in September 2015, we have been working together to put all the necessary infrastructure in place, in order to meet our expected demand levels when operations begin,” said Nalin Chandna, general manager of National Gas Company S.A.O.G.