Spain’s largest petroleum company, Repsol, has partnered up with GP Petroleum Ltd, a UAE based oil company, to enter the Indian market, reported Economic Times India.
The partners have set themselves an objective of achieving 5% of the automotive lubricant market in India by the end of the decade. If the synergy achieves the targeted results, India will be the second largest lubricant market for the Spanish lubricant maker with a production of 50,000 metric tons in India.
Repsol currently has around 30 distributors with warehouses and 2,000 dealer counters across the country, they are marketing and selling IPOL lubricants for both the industrial and commercial sectors.
The Corner cited that Repsol had decided to end its liquefied petroleum gas (LPG) business in an attempt to skyrocket its 2016-20 strategic plan. The company will sell its 42,000 supply points of LPG for $69.21m. It plans to make further investments of $6.81b.