Mumbai: GP Petroleums Ltd, a subsidiary of UAE-based oil company Gulf Petrochem FZC, on Tuesday launched the leading Spanish oil company Repsol SA’s lubricant business in India.
Last year, GP Petroleums and Repsol SA entered into a strategic partnership under which GP Petroleums has the exclusive right to manufacture and market Repsol’s line of lubricants in India.
Thangapandian Srinivasalu, executive director at Gulf Petrochem Group, said the company is targeting at least 5% market share in India’s lubricant market.
Gulf Petrochem Group and Repsol are exploring plans to take the joint venture beyond the lubricant business in the coming years, he said, without disclosing details.
Repsol produces more than 700,000 barrels of oil equivalent per day and has a refining system that can process 998,000 barrels of oil per day.
