SK Lubricants enters Saudi Arabian market

SK Lubricants will begin exporting ZIC, its own brand of lubricants, to Saudi Arabia, after signing a licensing deal with Rabigh First Lubricants Co. A subsidiary of Saudi-based pipe coating company Globetech, Rabigh, will supply ZIC products in Saudi Arabia.

Until the agreement expires in 2020, Rabigh First Lubricants will pay a royalty for all profits related to ZIC sales.

Saudi Arabiaโ€™s lubricants market is dominated by state-owned Petromin Corp., which has 94% market share. The rest of the market is dominated by major oil companies Shell and ExxonMobil and Fuchs Petrolub, the largest independent lube oil company.

The company said it โ€œplans to further expand into other markets in the Middle East and North Africa.โ€

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