Iranol Company and Petroliam Nasional Berhad (Petronas) have signed an agreement to cooperate in manufacturing automotive and industrial lubricants in Iran, Shana news agency reported. Iranol Company is a leading producer and distributor of automotive and industrial lubricants in Iran, while Petronas is Malaysia’s state-owned oil and gas company.
The agreement was reportedly signed early this week on the sidelines of the 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition, which was held from May 6-9 in the capital city of Tehran.
Iranol Company is an independent lubricant oil company formed in 2003 by private shareholders. It has lube refineries in Tehran and Abadan, which were originally part of National Iranian Oil Company’s (NIOC) Tehran and Abadan Oil Refineries. National Iranian Oil Company is one of the world’s largest oil companies and is responsible for directing and making policies for exploration and production, research and development, refining, distribution and export of oil, gas, petroleum products in Iran.
The Abadan lube manufacturing plant has been operational since 1954, while the Tehran Lubricating Oil-Manufacturing plant has been operational since 1974. Feedstock for the Tehran lube oil plant comes from the adjacent oil refinery.
No other details were made available.