Lukoil: Growth Nets Company 10% of International Marine Lube Market

Thursday December 15, 2016

LUKOIL Marine Lubricants (Lukoil) says that its growth over the past few years has enabled the company to capture 10 percent of the international marine lubricant market.

The declaration came at the company's fifth anniversary event in Hong Kong, which is noted to have been attended by more than 50 major Lukoil clients, including BSM, Fleet Management Limited, FW, Misuga Kaiun, Anglo-Eastern, Wallem Shipmanagement, OOCL, China Merchants Group, among other major shipping companies operating throughout China, Taiwan, and Hong Kong.

"Over the last few years, LUKOIL Marine Lubricants has developed into a large international player and currently accounts for over 10 percent of the marine lubricant market," said Viktor Zhuravsky, Lukoil's CEO. 

"In particular, the company grew significantly thanks to its partners from Southeast Asia who believed in its innovative products and services."

Maxim Donde, General Director of LUKOIL Lubricants Company, commenting on the company's progress in the marine market, said: "in the fastest-growing Asia-Oceania region, we plan to actively promote our products not only for the marine industry but also for the automotive and industrial sectors.

"China remains one of our top-priority markets. We continue to strengthen our position in the region given the significant growth of interest in LUKOIL lubricants here. In the near future, we plan to set up a subsidiary company in China."

In July, Lukoil announced that it had opened a new branch office in Hong Kong in order to increase its market share within Hong Kong and the greater China area.