Petrolube signs agreement with BPCL

Saudi Arabian Lubricating Oil Company (Petrolube) and Bharat Petroleum Corporation Limited (BPCL), the second largest petroleum company in India, signed a blending and marketing agreement of Petromin oil products in India in February. The agreement was signed on behalf of Petrolube by its President and CEO Salem H. Shaheen, and by K.K.Gupta, executive director of BPCL. The signing ceremony, held at Petrolubes headquarters, was attended by Samir M. Nawar, GM Marketing & Sales, Ghassan A. Elias, Manager IOD, S. Radhakrishnan, Director (Mktg.), and Rajiv Puri, Manager Exports. Bharat Petroleum, Indias second largest company, owns and operates three refineries, 7,200 gas stations, three lube oil blending plants, distribution and storage facilities throughout India. The demand for lubricants in India has been increasing by 4% annually, while the off-take of marine lubes has gone up by 15%. Indias estimated consumption of marine oils was 200,000 barrels in 2006. (February 1, 2007)