PT AKR Corporindo Tbk., an Indonesian supplier of petroleum products and chemicals, established a subsidiary last week to focus on the trading and distribution of lubricants.
AKR, which is publicly held, was formed 55 years ago as a chemicals supplier but expanded into petroleum products distribution during the 2000s, and those operations now account for two thirds of its revenue, which reached rupiah 16.8 trillion (U.S. $1.2 billion) through the first three quarters of 2018. According to its website, AKR is one of Indonesias largest private sector distributors of basic chemicals and petroleum products and providers of logistics services. The company has stated its goal of competing with state-owned Pertamina, which currently dominates the nations petroleum markets.
Like its parent company, Anugerah Lubrindo Raya, the lubricant subsidiary, will based in Wes Jakarta. AKR did not respond to requests for additional comment by deadline.
AKR does not have its own lubricant brand but distributes Castrol lubricants for industrial, marine, mining and commercial vehicle applications as part of a broader agreement that it entered with Castrol in 2017. That agreement also provides for the opening of BP fuel stations operated by AKR. The Indonesian company recently opened the first station and says it aims to open 20 more this year.