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Gulf Oil Reaches Agreement to Acquire Ocean Tankers' Assets

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Published Dec 8, 2020 5:32 PM by The Maritime Executive

Gulf Oil International Ltd, part of the Hinduja group, is pleased to announce that it has reached an  agreement to acquire the lubricant blending plant with wharf access, storage tank farm and terminal  facility from Ocean Tankers (PTE) Ltd, located in the Tuas region of Singapore. The Facility will be  acquired and continue to operate as a going concern.  

Mike Jones, CEO of Gulf Oil International, said “This Facility provides a strategic opportunity for Gulf  to invest further in the Marine segment and grow its market share in Marine lubricants and other services. It will also provide a regional hub to accelerate our business development plans in South East Asia within the automotive sector, with a focus on Vietnam, Malaysia and Thailand, as well as Oceania. In addition, we will continue to support and grow the existing customer base of Ocean Tankers (PTE) Ltd. We are excited to welcome the associated employees to the global Gulf family and engaging with all stakeholders post-closing.” 

The agreement is subject to closing conditions. 
 

The products and services herein described in this press release are not endorsed by The Maritime Executive.