Petrol Ofisi, the market leader in Turkey’s lubricants market, has signed an agreement with Chevron to produce Chevron’s Texaco-branded lubricant products in Turkey.
According to Petrol Ofisi, their collaboration with U.S.-based energy major encompasses a holistic scope, including licensing, production, distribution and marketing of Chevron’s lubricant products under the Texaco brand. Chevron acquired the Texaco brand when it acquired U.S.-based Texaco on October 9, 2001, creating the second-largest oil company in the United States and the world’s fourth-largest publicly traded oil company with a combined market value of approximately USD95 billion at that time.
The long-term strategic partnership between Petrol Ofisi and Chevron includes conducting a joint feasibility study on technology and local production of Texaco-branded lubricant products. Manufacturing is scheduled to begin in 2021.
The agreement between Chevron and Petrol Ofisi is not their first collaboration. Since 2014, Chevron has been shipping lubricants for distribution and sales in Turkey.
“The first collaboration between Chevron and Petrol Ofisi dates back 70 years. This agreement marks the beginning of a new and important period,” said Colleen Cervantes, Chevron Lubricants president, based in San Ramon, California, U.S.A. “The strong synergy between Petrol Ofisi and Chevron will further develop this new brand expansion option.”
In 2019, Petrol Ofisi sold a total of more than 120,000 tons of lubricants, of which nearly 11,000 tons were exported to 33 countries on four continents.
Petrol Ofisi has a lubricant blending plant in Derince, a seaport town in Turkey’s Kocaeli Province. Annual lubricant capacity of the Derince plant is 144,000 tons. Total storage capacity at the lubricant blending plant is 65,000 tons, of which 15,000 tons is dedicated for the storage of finished lubricant products, while 50,000 tons is for the storage of base oils and additives.
Petrol Ofis also boasts of significant research and development capability at its Technology Center – POTEM. A total of 155 different tests can be performed using national and international test methods, 84 of which are accredited by TÜRKAK. An average of 150,000 tests are carried out at the technology center each year.
Petrol Ofisi has a significant market share of Turkey’s lubricants market, at 28.6%