Petron to build Subic blending hub
Petron Corp. disclosed yesterday its plan to construct a fuel additives blending plant at the Subic Bay Free Port that will serve as the production hub for fuel additives in Asia.
In a statement, the oil refiner said it had signed two new agreements with Nasdaq-listed Innospec Inc., an international specialty chemicals company, that call for the construction and operation by the end of 2007 of a $2.5-million blending plant in Subic.
The plant will serve the fuel additives requirements of Innospec’s customers in the Asia-Pacific Region, including Petron. Innospec is as a leading global fuel additives supplier whose products are used in Petron’s fuels, namely Blaze, XCS Plus, Xtra Unleaded and DieselMax. These products have been widely acclaimed for their efficiency, power and environmental benefits.
The 10-year contract guarantees that Petron will be Innospec’s exclusive toll blender in the region. The blending plant will serve as Innospec’s supply hub in the Asia-Pacific region, as it positions itself to tap the fast growing regional market and bring its products and services closer to Asian customers.
“This strategic partnership will produce numerous synergies since it fuses Petron’s technical services, marketing capability and strategic location with Innospec’s fuel additive technologies and strong presence in the Asian region,” said Petron president Khalid al Faddagh.
“Having an Asian supply hub will further strengthen our fuel additives business in the region by accelerating our response time and enhancing our supply capability,” said Paul Jennings, Innospec’s president and chief executive. “The market for fuel additives in Southeast Asia is already huge, and this strategic partnership with Petron could help us jointly open significant new markets such as China and India.”
The other agreement between the two companies is for technology services and marketing of fuel additives, wherein Petron will be providing technology support services to Innospec and its customers in the region, including customer technical programs, laboratory services, product development, field tests and consultancy services.
Petron said it would tap the customer base of Innospec in the region to broaden the market for Petron’s own lubricant brands. Innospec already serves a wide variety of power plants, refiners and manufacturers throughout the region, many of which are also users of lubricants. Petron-branded lubricants are already being sold in Cambodia and Indonesia.
By Roderick T. dela Cruz and Alena Mae S. Flores - Manila Standard Today
In a statement, the oil refiner said it had signed two new agreements with Nasdaq-listed Innospec Inc., an international specialty chemicals company, that call for the construction and operation by the end of 2007 of a $2.5-million blending plant in Subic.
The plant will serve the fuel additives requirements of Innospec’s customers in the Asia-Pacific Region, including Petron. Innospec is as a leading global fuel additives supplier whose products are used in Petron’s fuels, namely Blaze, XCS Plus, Xtra Unleaded and DieselMax. These products have been widely acclaimed for their efficiency, power and environmental benefits.
The 10-year contract guarantees that Petron will be Innospec’s exclusive toll blender in the region. The blending plant will serve as Innospec’s supply hub in the Asia-Pacific region, as it positions itself to tap the fast growing regional market and bring its products and services closer to Asian customers.
“This strategic partnership will produce numerous synergies since it fuses Petron’s technical services, marketing capability and strategic location with Innospec’s fuel additive technologies and strong presence in the Asian region,” said Petron president Khalid al Faddagh.
“Having an Asian supply hub will further strengthen our fuel additives business in the region by accelerating our response time and enhancing our supply capability,” said Paul Jennings, Innospec’s president and chief executive. “The market for fuel additives in Southeast Asia is already huge, and this strategic partnership with Petron could help us jointly open significant new markets such as China and India.”
The other agreement between the two companies is for technology services and marketing of fuel additives, wherein Petron will be providing technology support services to Innospec and its customers in the region, including customer technical programs, laboratory services, product development, field tests and consultancy services.
Petron said it would tap the customer base of Innospec in the region to broaden the market for Petron’s own lubricant brands. Innospec already serves a wide variety of power plants, refiners and manufacturers throughout the region, many of which are also users of lubricants. Petron-branded lubricants are already being sold in Cambodia and Indonesia.
By Roderick T. dela Cruz and Alena Mae S. Flores - Manila Standard Today
posted by OlongapoCity Zambales at
5:24 AM
0 Comments:
Post a Comment
<< Home