Gulf Oil to acquire Ocean Tankers facility in Singapore

The facility will provide a regional hub for Gulf Oil to accelerate business in South-East Asia.

Autocar Pro News Desk By Autocar Pro News Desk calendar 09 Jul 2021 Views icon20750 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

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.

RELATED ARTICLES
‘A new small SUV EV will play well for us in emerging markets like India’: Volvo Cars CEO Jim Rowan

auther Autocar Pro News Desk calendar06 Feb 2023

Volvo Cars is to unveil a new small all-electric SUV, which may make its way into emerging markets like India by 2024-25...

ContiTech’s strategic business realignment to see enhanced synergies from automotive

auther Autocar Pro News Desk calendar03 Feb 2023

Continental is strategically realigning its ContiTech group sector, which specialises in material-driven solutions. The ...

Quest Global to use Nvidia’s Omniverse digital twin solutions for manufacturing industry

auther Autocar Pro News Desk calendar03 Feb 2023

Nvidia Omniverse Enterprise is an end-to-end 3D simulation platform that helps companies develop and operate physically ...