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Gulf Oil International planning to acquire lubricant blending plant in Singapore

Hinduja Group-owned Gulf Oil International on Tuesday said it has reached an agreement to acquire a lubricant blending plant from Ocean Tankers (PTE) Ltd, Singapore, which will help it expand market share in marine lubes. The plant, which is in the Tuas region of the Island city-nation will be acquired with wharf access, storage tank farm and terminal facility as per the agreement, Gulf Oil Lubricants India Ltd said in a release. The facility will be acquired and continue to operate as a going concern, it said, adding the agreement is subject to closing conditions. The company, however, did not share specific details such as investment in the release. Gulf Oil International is the majority shareholder in Gulf Oil Lubricants India Ltd. "This facility provides a strategic opportunity for Gulf to invest further in the marine segment and grow its market share in marine lubricants and other services. It will also provide a regional hub to accelerate our business development plans in South East Asia within the automotive sector, with a focus on Vietnam, Malaysia and Thailand, as well as Oceania," said Sanjay Hinduja, Chairman of Gulf Oil Lubricants India Ltd.