JX Nippon Oil taps two lubricant distributors in Myanmar
JX Nippon Oil, Japan’s largest oil refiner and marketer, has signed agreements with two Myanmar firms to distribute its ENEOS-branded lubricant products in Myanmar. Myanma Golden Star subsidiary MGS Lubricant will be responsible for distribution in lower Myanmar; Rainbow Bridge Distribution will be responsible for distribution in upper Myanmar.
U Thein Tun, chairman of Myanma Golden Star, is also the chairman of Myanmar Consolidated Media, which owns The Myanmar Times.
Myanmar is one of the fastest-growing markets for automotive lubricants in ASEAN. Myanmar consumed 78 million litres of finished lubricants, according to research from industry firm Solidiance, which predicted yearly double-digit growth in lubricants consumption from 2013.
Since the government liberalised its vehicle import policy, there has been a steep rise in vehicle imports. Consequently, there has been a rise in lubricant imports as well. Currently there are more than 100 brands of lubricants imported into Myanmar.