Sinopec opens lubricant plant in Singapore
Resource from: CBCC Likes:120
Jul 12,2013
Sinopec, China's largest integrated energy and chemical group, has taken key steps to grow its lubricant business in Asia-Pacific. The company opened its new S$134 million lubricant plant in Singapore on Thursday -- its first outside China.
Sinopec said this is part of its globalisation plan, which could see the setting up of more lubricant plants overseas. Lubricant products are widely used in machineries, automobiles, in construction and shipping industries, just to name a few.
Industry estimates show that the Asia-Pacific region is the largest and fastest growing lubricants market, accounting for almost 42 per cent of the global demand last year. The region is expected to see the highest growth in demand worldwide, consuming 17 million tonnes of lubricants by 2017.
To capture a share of that growing pie, Sinopec has set up a new lubricant plant at Tuas in the western part of Singapore.
Sinopec said the new facility will better enable the company to serve customers in Southeast Asia, Australia and New Zealand.
Pei Wenjun, general manager of Sinopec Lubricant (Singapore), said: "In recent years, the demand for our products has been growing at above 50 per cent a year globally, although it is from a low base. But with the opening of the plant, an efficient distribution system and speedy product delivery, we will enjoy faster growth."
Sinopec said its Singapore plant has an initial production capacity of 100,000 tonnes of lubricant a year, and it will serve predominantly the Asia Pacific market. The plant will employ about 150 workers when it is operating at full capacity.
Apart from production, the plant in Tuas will also serve as Sinopec's service and logistics centre.
Sinopec said the Singapore plant is key to its global expansion strategy, and it picked Singapore because of the city-state's status as the third largest petroleum industry hub in the world, its pro-business environment, as well as its rich resources in lubricant base oils and additives.
The Economic Development Board said lubricant companies have been leveraging on Singapore as a base to tap opportunities in the region, and this will further support the energy and chemicals industry, which has been a key driver of Singapore's economy.
Yeoh Keat Chuan, managing director of the Singapore Economic Development Board, said: "The energy and chemicals industry has been a pillar of the manufacturing sector and a key driver of Singapore's economy.
"It is the largest contributor to our manufacturing output at over S$100 billion in 2012, accounting for 34 per cent of Singapore's total manufacturing output. The industry also provides good jobs in the manufacturing sector with Singaporeans making up around 75 per cent of the workforce."
EDB added that the lubricant industry will also spur growth in related functions such as logistics, customer account management, base oil trading and finance in Singapore.
(CBCC)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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