Gulf Petrochem said on Sunday it remains fully committed to markets in India through its India-based subsidiary GP Petroleums (GP) and recent partnership with Spain’s Repsol.
At the start of this year, GP signed an agreement to produce Repsol automotive lubricants at its manufacturing units in India and begin marketing the Spanish company's products on October 15.
GP has plants in Daman and Vasai and a project to build a third -- a 100,000-ton-per-year blending facility at Pipavav, Gujerat.
The company already has a strong niche in the market for industrial lubricants, and it aims also to acquire assets to expand its bunker fuel business.
Market conditions in India are ripe and by tying up with Repsol, the company can now push aggressively into automotive lubricants, a senior GP executive said in a statement.
“By harnessing its ample manufacturing capacity and marketing network to an innovative product line of lubricants, GP Petroleums can make a significant contribution as India, like the rest of the world, seeks to reduce harmful carbon emissions,” said Thangapandian Srinivasalu, executive director, Gulf Petrochem Group.
“Repsol, for its part, has one of Europe's biggest commercial technology centers, where some 400 scientists and researchers are working to create more efficient and environmentally sustainable products,” Srinivasalu added.
One example of the company's success in developing greener products for motorists is its clean-burning LPG for use in cars.
“Repsol's record of successful innovation is especially relevant because Indian motorists will be facing new and unfamiliar challenges from now to 2020,” Srinivasalu concluded.