May 10, 2017
Volume 17 Issue 52
Petronas, Iranol Ally to Make Lubes
Iranol Co. and Malaysia’s Petronas signed an agreement to cooperate on production of engine oils and industrial lubricants in Iran.
The companies’ cooperation document was signed Monday on the sidelines of the 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition in Tehran, according to a press release.
Petronas Lubricants International has sought to grow its global lubricants business in recent years by expanding in a number of key markets. Last month the company opened its second lube blending unit in Weifang, in China’s Shandong Province, bringing its total annual capacity there to 150,000 metric tons. Petronas also has a 50-50 joint venture that operates another plant in China and opened a wholly owned research and development center in the country in 2015. The company is building a blending plant in Mumbai to increase its share of the Indian market and added a market company and office in Australia to increase its share there. Iran is the biggest lubricant market in the Middle East.
According to Iranoil’s web site, the company blends automotive and industrial lubricants at a plant in Tehran, which started operation in 1974. It operates base stock plants in Tehran and Abadan.
Iranol was once part of National Iranian Oil Co. but was spun off to private shareholders in 2003, according to its website.