BPCL inks pact with Saudi Arabia's Petrolube

Dubai, Feb 1 (UNI) Bharat Petroleum Corporation Ltd (BPCL) and Saudi Arabian Lubricating Oil Company (Petrolube) have signed a blending and marketing agreement for Petromin oil products in India.

As per the deal, which came after more than six months of meetings, discussions, and field visits concluded by BPCL, the Indian petroleum major will get the right to blend and market Petromin marine oils in India.

The pact was signed in Jeddah yesterday by BPCL Executive Director K K Gupta and Petrolube's President and CEO Salem H Shaheen.

BPCL, in cooperation with Petrolube, is eyeing a fair share by marketing at least 1,20,000 Billion Barrels (bbls) of marine oils during the first five years of operation, officials said.

The demand for lubricants in India has been increasing by four per cent annually, while the off-take of marine lubes has gone up by 15 per cent, they added.

India's estimated consumption of marine oils was 2,00,000 bbls during 2006.

Petrolube, which exports to more than 35 countries, is a pioneer in the production and marketing of Petromin Oils for almost forty years.

BPCL runs three refineries, 7,200 gas stations, three lube oil blending plants, distribution and storage facilities throughout India.

UNI