25Mar, 24 March 25, 2024

Gulf Oil International Limited has entered into a licensing agreement with OTO Pakistan (Private) Limited to distribute and sell its lubricant and fluid products in Pakistan.

This partnership marks Gulf Oil’s entry into the Pakistani market, leveraging OTO’s network of fuel stations and convenience stores to meet the increasing demand for quality lubricants.

The agreement was formalized at a signing ceremony held at Gulf Oil’s headquarters in London, introducing OTO as the newest partner in Gulf’s global network.

Tariq Mehmood, CEO of OTO Pakistan, emphasized the significance of Gulf Oil’s decision to enter Pakistan, noting it as an indicator of the country’s growing appeal to international investors in the petrochemical sector.

With a population of 245 million and a vehicle count exceeding 8 million, Pakistan presents a substantial market for lubricants and retail fuels.

Gulf Oil, with its long history dating back to 1901 and a presence in over 100 countries, is poised to bring high-quality products to Pakistani consumers and businesses, potentially enhancing the competitive landscape of the lubricants market in Pakistan.

Mehmood highlighted the strategic importance of foreign direct investment (FDI) for Pakistan’s economic development and the role of partnerships like this in showcasing Pakistan’s potential to global investors.

He also pointed out the synergies with the China-Pakistan Economic Corridor (CPEC), an initiative expected to significantly boost demand for lubricants by transforming Pakistan into a regional transhipment hub.

This partnership not only aims to elevate the standards of the lubricants market in Pakistan but also underscores the potential for healthy competition and growth in the sector, spurred by the introduction of Gulf Oil’s products and expertise.

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