Texol Lubritech FZC, a Subsidiary of Gandhar Oil Refinery India Limited, Secures Major Contract with Abu Dhabi National Oil Company
India, July 01, 2024 (GNI): Texol Lubritech FZC, a foreign material subsidiary of Gandhar Oil Refinery India Limited, has announced that it has received a significant order from Abu Dhabi National Oil Company, (ADNOC) PJSC, UAE.
Under this contract, Texol Lubritech FZC will manufacture, package, label, and supply products to ADNOC Distribution on a contractual basis. Founded in 1971, ADNOC is a leading diversified energy group, wholly owned by the Abu Dhabi Government. The contract, which will run for three years 2024, 2025, and 2026, forecasts estimated annual value of USD 45 million, equivalent to approximately INR 375 crores.
Mr. Aslesh Parekh, Promoter and Joint Managing Director, Gandhar Oil Refinery India Limited states that, “We are thrilled to secure this landmark contract with Abu Dhabi National Oil Company. This agreement highlights our capability to deliver high-quality products and services on a large scale. We are confident that our partnership with ADNOC will strengthen our presence in the Middle East and pave the way for future growth and collaboration.”
This achievement underscores Texol’s commitment to expanding its footprint in the UAE. Established in 2017 with a strategic partner to enhance presence in the region, Texol Lubritech FZC operates out of its Sharjah plant in the United Arab Emirates. The facility manufactures white oils, petroleum jelly, lubricants and transformer oils, primarily for overseas markets including the GCC, Africa, and Middle East regions.
About Gandhar Oil Refinery India Limited: Gandhar Oil Refinery India Limited is a leading manufacturer of white oils by revenue with a growing focus on the consumer and healthcare end-industries. As of June 30, 2023, the product suite comprised over 440 products primarily across the personal care, healthcare and performance oils (“PHPO”), lubricants and process and insulating oils (“PIO”) divisions under the “Divyol” brand. The products are used as ingredients by leading Indian and global companies for the manufacture of end products for the consumer, healthcare, automotive, industrial, power and tyre and rubber sectors. The white oil market is the fastest growing segment in the specialty oils sector and Gandhar Oil is India’s largest manufacturer of white oils by revenue in Financial Year 2023, including domestic and overseas sales and is one of the top five players globally in terms of market share in the calendar year 2022. As of June 30, 2023, the products were sold in over 100 countries across the globe and they have catered to over 3,500 customers in the Financial Year 2023. Ends GNI
Be the first to comment on "Texol Lubritech FZC, a Subsidiary of Gandhar Oil Refinery India Limited, Secures Major Contract with Abu Dhabi National Oil Company"