The Abu Dhabi National Oil Company (ADNOC) has inked a long-term sales agreement with the Indian Oil Corporation (IndianOil) for its high-quality base oil (ADbase), ADNOC announced on April 23.
“The signing of this important sales agreement, with another major base oil consumer in a large and growing market, is testament to the quality and reliability of ADNOC’s Group III base oil, Adbase,” Ahmad Bin Thalith, Acting Senior Vice President of Refined Products Sales, in ADNOC’s Marketing, Supply and Trading directorate, said.
“IndianOil is a long-standing partner of ADNOC and we look forward to building on and strengthening the links between our two companies,” Subimal Mondal, Executive Director (Lubes) at IndianOil said.
IndianOil is the largest seller of finished lubricants in the Indian market with an approximate volume of 450,000 tons per annum, with a growing rate of 2.4% per year.
Additionally, ADNOC Refining, an ADNOC subsidiary, produces up to 500,000 metric tonnes per year of Group III base oil and around 100,000 metric tonnes per year of Group II base oil at its Ruwais refinery.