India’s state-owned oil and gas company Indian Oil Corp. Ltd. (IOC) has launched its SERVO brand of lubricants and greases in Saudi Arabia, through a partnership with the Mohammed Yousef Naghi & Brothers Group.
Based in Jeddah, Mohammed Yousef Naghi & Brothers is involved in four key business sectors: automotive, fast-moving consumer goods (FMCG), transportation and automotive financing.
“The launch of SERVO products in Saudi Arabia for us comes as a very important stage in our global expansion and we look forward to our partnership with Mohammed Yousef Naghi & Brothers Group in a step to further expand our range of offerings in Saudi Arabia,” said K.L. Murthy, executive director of Indian Oil Corp.
Murthy, along with senior company officials, addressed a press conference where he spoke about the company’s future expansion plans. Saudi Arabia’s lubricants market is estimated at around 420,000 tonnes, with a growth rate of about 3.5%, significantly higher than the mature markets of North America and Europe.
“With this new expansion in Saudi Arabia, SERVO lubricants will now be available in 27 international markets. SERVO aspires to meet the discerning needs of all segments of customers in Saudi Arabia, especially in industrial oils, automotive oils, marine oils and greases,” he said.
SERVO brand, which is the market leader in India, has a strong presence in Africa, Southeast Asia and West Asia.
“We are very pleased to announce our partnership with Servo world-class lubricants and looking forward to positive results in the coming years,” said Abdul Wahab Itani, senior vice president of Mohammed Yousef Naghi & Brothers Group.
Amitabh Akhauri, managing director of IOC Middle East FZE, said that Indian Oil Corp.’s target is to corner a 5% market share through this alliance.
“In view of the keen desire of Mohammed Yousef Naghi Motors Company in providing additional distinctive services to our customers in the area of after sales services, we found that the partnership with Indian Oil Corporation is an excellent opportunity to achieve this goal,” said Khalid Al Harthy, market manager of Mohammed Yousef Naghi & Brothers Group.
The announcement was made at the Jeddah Hilton on Monday in the presence of the above officials as well as Indrajit Bose, executive director (CC & Branding) of Indian Oil Corp.