HTL and SK EnMove partner for lubricant blending joint venture in Pakistan

HTL Limited, a major Pakistani conglomerate, has signed a memorandum of understanding (MoU) with SK EnMove, a subsidiary of South Korean energy company SK Innovation, to establish a joint venture for lubricant blending in Pakistan.

The MoU, filed with the Pakistan Stock Exchange, outlines the key objectives of the partnership:

• Setting up a lubricant blending plant in Pakistan to produce automotive, industrial and other lubricants
• Utilising SK EnMove’s lubricant technology and formulations
• Distributing the jointly produced lubricants through HTL’s existing sales network in Pakistan
• Exploring opportunities to export the lubricants to other countries in the region

HTL brings its extensive market knowledge and established business relationships in Pakistan to the joint venture. SK EnMove contributes its expertise in lubricant technology and manufacturing from operations in South Korea.

“This collaboration with SK EnMove will allow us to produce high-quality, technologically advanced lubricants tailored for the Pakistani market,” said Monis Rahman, CEO of HTL. “By combining SK EnMove’s R&D capabilities with our distribution reach, we aim to become a leading player in the Pakistani lubricants industry.”

The joint venture is expected to make significant investments to set up the lubricant blending plant and establish a robust supply chain and sales network in Pakistan. The two companies will now work towards finalising the joint venture agreement and obtaining necessary regulatory approvals.

“SK EnMove is pleased to partner with HTL, a respected business group, to introduce our lubricant technology to Pakistan,” said Jae-hyun Ryu, CEO of SK EnMove. “We see strong growth potential in the Pakistani market and believe this joint venture will deliver high-quality, innovative lubricant solutions to customers.”

The MoU represents an important milestone for both companies as they seek to expand their footprint in the Pakistani market. The joint venture is expected to commence operations within the next 12-18 months, subject to completion of the legal and regulatory process.