Sinopec to increase product exports through joint venture
Sinopec plans to increase its product exports by joining with Singapore-based companies ItalSing Petroleum and AP Oil to produce its brand-name lubricants for Asian Pacific markets.
LOS ANGELES, June 8 -- China Petroleum & Chemical Corp. (Sinopec) plans to increase its product exports by joining with two Singapore-based companies, ItalSing Petroleum Co. Pte. Ltd. and AP Oil International Ltd., to produce its brand-name lubricants for Asian Pacific markets.
Sinopec's automotive lubricants will be made in Singapore by Italsing, a joint venture of Singapore Petroleum Co. and Eni International BV, while AP Oil will make the Chinese firm's marine lubricants.
Sinopec said it is considering a direct manufacturing presence in the city-state, but will first focus on developing the market through contract manufacturing.
No details were reported on the value of the contract manufacturing deals with the two Singapore companies, but Sinopec said it would initially produce 5,000-7,000 tonnes/year of lubricants through them.
In a separate statement, AP Oil said it has a 5-year contract with Sinopec to blend mainly marine lubricants. It said the volume would vary according to Sinopec's requirements.
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