In a significant development for the Pakistani market, Gulf Oil, a global lubricants giant with a legacy dating back to 1901, has entered into a strategic partnership with OTO Pakistan to market its products in the country. The collaboration aims to tap into Pakistan’s burgeoning market for lubricants and retail fuels.
The agreement was formalised as CEO of Gulf Oil United Kingdom (UK), Mike Jones, and his counterpart at OTO Pakistan, Tariq Mehmood, signed the partnership deal at their corporate headquarters in London. Gulf Oil, known for supplying lubricants to 1,400 ports worldwide, brings its extensive expertise to the Pakistani market through this collaboration.
Speaking on the occasion, the CEO of OTO Pakistan highlighted the significance of this partnership, stating that it sends a positive signal to global petrochemical companies, encouraging them to view Pakistan as a secure and lucrative destination for trade, investment, and potential joint ventures.
The CEO emphasised the vast market potential in Pakistan, citing a population of 245 million and over eight million vehicles, making it a substantial market for lubricants and retail fuels. He noted that Gulf Oil’s presence in 100 countries globally positions it as a substantial player in the industry.
Furthermore, the CEO expressed his optimism about Pakistan evolving into a regional transhipment hub, foreseeing a manifold increase in demand for lubricants in the coming years. This partnership aligns with the country’s strategic goals, with energy being one of the focal areas of the Special Investment Facilitation Council (SIFC). The oil industry, as a key contributor to the energy sector, is expected to play a pivotal role in driving economic growth and development.
The entry of Gulf Oil into the Pakistani market signifies a vote of confidence in the country’s economic potential and underscores its attractiveness for international businesses. As the partnership unfolds, it is anticipated to contribute significantly to the growth and diversification of the energy and lubricants sector in Pakistan.
