Gulf Oil forges ‘breakthrough’ local partnership to enter Pakistan’s oil market

KARACHI: A global lubricants giant, Gulf Oil, has entered the local market through a partnership agreement with OTO Pakistan, which the latter described as a “breakthrough development” for the country’s oil market in a Saturday statement.
Gulf Oil was established in the United States in 1901 and supplies lubricants to 1,400 ports around the world.
Tariq Mehmood, the CEO of OTO Pakistan, signed the deal with Mike Jones, his counterpart at Gulf Oil in the United Kingdom, hoping it would attract the interest of global petrochemical companies into the Pakistani oil market as a safe trade, investment and joint ventures destination.
“Tariq Mehmood explained that Pakistan is a huge market for lubricants and retail fuels, with a population of 245 million and at least 8 million vehicles,” the statement said.
Mehmood noted Gulf Oil was a huge company with presence in 100 countries across the globe, adding its decision to enter into business with Pakistan would set an example for other global petrochemical conglomerates to tap into the local market.
He maintained the availability of Gulf Oil products would not only raise the standards of Pakistani lubricants market but also promote healthy competition among existing and potential players in the business.
The CEO of OTO Pakistan said his country had the potential to become the region’s transshipment due to the multibillion-dollar China-Pakistan Economic Corridor, hoping the demand for lubricants would significantly increase within a span of few years.