Gulf Petrochem Eyes East Africa and Asia

Gulf Petrochem Eyes East Africa and Asia

Sharjah-based Gulf Petrochem has set high growth plans and will be looking into acquisitions in the coming years.

A top executive of the company said they are planning to enter into new markets like Singapore, Malaysia and Sri Lanka. “We are aiming to become a $4-billion company by 2016 from $2 billion at the moment. That’s the vision we have for the company. We are on a development spree,” M Prabakaran, global head, terminals of Gulf Petrochem told Gulf News.

The company is into oil trading, bunkering, shipping and logistics and storage terminals. “This year our focus is on East Africa and Nigeria. In 2016, we will be looking into Europe and the US.” He did not divulge information about investments.

The company’s oil terminal at Pipava port in the Western Indian state of Gujarat will be commissioned soon, Prabakaran said. He said the new oil terminal adds momentum to the company’s long-term expansion strategy because of its proximity to key rail and road networks, which offer direct access to critical markets in the hinterland, the northwest and Central India.

Gulf Petrochem has taken over Sah petroleum in India last year. “It is a forward integration for us. The company is into industrial lubricants.”

“Through that we will be entering into auto lubricants also. We are looking for like-minded MNCs [multinational corporations] to join us so that we can co-brand or produce our own brand,” he said.

Source: Gulf News


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