Gulf Oil International, part of the Hinduja Group has reached an agreement to acquire the lubricant blending plant with wharf access, storage tank farm and terminal facility from Ocean Tankers (PTE), located in the Tuas region of Singapore.
The facility will be acquired and continue to operate as a going concern.
According to Sanjay Hinduja, chairman, Gulf Oil Lubricants India said “This facility provides a strategic opportunity for Gulf to invest further in the Marine segment and grow its market share in marine lubricants and other services. It will also provide a regional hub to accelerate our business development plans in South-East Asia within the automotive sector, with a focus on Vietnam, Malaysia and Thailand, as well as Oceania. In addition, we will continue to support and grow the existing customer base of Ocean Tankers (PTE). We are excited to welcome the associated employees to the global Gulf family and engaging with all stakeholders post-closing.”
The agreement is subject to closing conditions.