Asia/Pacific News
Gulf Petrochem Plans New Greenfield Terminals to Support Bunkering
United Arab Emirates-based Gulf Petrochem Group (Gulf Petrochem) has announced plans to either acquire or develop Greenfield terminals to support its trading activity and bunkering business in India, CNBC reports.
Executive Director Thangapandian Srinivasalu said that the company intends to expand its bitumen footprint by acquiring plants in the country as well, along with an expansion of its blending facility for the lubricant market.
"Hopefully we should be able to fulfill our requirement by having four five bitumen plants in the country in the next 12- 18 months," he said.
The intentions were released alongside new plans to partner with Spain's Repsol to manufacture and market automotive lubricants, the company said Wednesday in an emailed statement.
The deal is with Gulf Petrochem's India-based unit GP Petroleums Ltd.
"With the economy showing recovery, the lubricant segment is expected to witness growth in the future," said Sudhir Goyel, managing director of Gulf Petrochem.
Repsol also added that India is a target market with potential for growth.
"India will be a very important market for us and this tie-up will help us expand our footprint in this ever growing economy," said Repsol lubricants director Orlando Carbo.
It was reported earlier this year that the company had renamed one of its Indian acquisitions.
