Gazprom Neft announces creating subsidiary in Singapore to export marine lubricants

TASS Russian News Agency | Oct 16, 2019 at 4:21 PM

MOSCOW, October 16. /TASS/. Gazprom Neft has announced the creation of a subsidiary in Singapore, Gazpromneft Marine Lubricants, which will develop the company's international marine lubricants business, the company said in a press release on Wednesday.

"The new business will manage the effective development of an international sales and logistics network for Gazprom Neft marine lubricants, including, specifically, in the South -East Asian and European markets. The company's products, endorsed by leading marine equipment producers, are already available in more than 250 ports worldwide," according to the press release.

"We are planning a significant increase in the production and sale of specialist lubricants, and expect to achieve a four-percent market share in the international marine lubricants market by 2030. Opening an operations office in Singapore - the center of international shipping, where one of the world's most important port-hubs is located - will allow us to expand our production and logistics network more effectively, through the company's own lubricants plants in Russia and partnering blending facilities abroad," Anatoly Cherner, Deputy CEO for Logistics, Processing and Sales at Gazprom Neft, said as quoted by the press release.

The company produces and sells 43 branded high-tech products for all kinds of marine equipment, including 15 kinds of Gazpromneft Ocean engine lubricants. Their formulations have been developed in line with international shipping requirements and the provisions of the MARPOL-2020 convention.

Earlier it was reported that in 2020 new international requirements of MARPOL will be introduced, which will limit the sulfur content in fuel for ships at a level not exceeding 0.5% for the entire water area of the World Ocean.