The Egyptian General Petroleum Corporation (EGPC) and Petromin, a Saudi energy and mobility company, have witnessed the signing of a protocol to establish a specialized company to manage Petromin’s investments and expansion plans in Egypt’s lubricants sector, paving the way for new investments and increased local production.
The protocol was signed by Khaled Osman, Assistant Minister of Petroleum and Mineral Resources and Supervisor of the Ministry’s Internal Trade Department, and Hassaib Khan, General Manager of Technolube Egypt,  a leading lube manufacturing and marketing company operating under the management of Petrolube, a subsidiary of Petromin.
Egypt’s growing and expanding market is capable of attracting more investments, supported by the continuous development of services and infrastructure, Osman said.
He added that efforts to regulate the petroleum products trading market, improve its competitiveness and attractiveness, and continuously modernize its infrastructure were among the key factors behind the agreement.
Osman said that increasing the number of service providers and continuing to develop the engine lubricants industry would help improve efficiency and diversify the range of products available to consumers.
He explained that modernizing the infrastructure for lubricants production, blending, and packaging is a key factor in attracting investments.
For his part, Khan said the expansion in Egypt and the establishment of a specialized entity to manage Petromin’s lubricants business would support the company’s efforts to keep pace with market developments and continuously improve services.
He added that the new company would build on Petromin’s track record in Egypt and its experience since its establishment in the late 1960s. Petromin operates across Saudi Arabia, the UAE, Egypt, India, Pakistan, Malaysia, and Morocco, in addition to more than 40 export markets across the Middle East and North Africa.
Technolube Egypt aims to further cooperate with EGPC and benefit from the base oils produced by EGPC-affiliated companies, as well as facilities supporting the expansion of lubricants manufacturing, packaging, promotion, and marketing in Egypt and abroad, Khan concluded.
