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ADNOC signs long-term agreement for base oil sales into India

April 26/2019

MOSCOW (MRC) -- The Abu Dhabi National Oil Company (ADNOC) announced, that it has signed another significant long-term sales agreement with an important end-user consumer - the Indian Oil Corporation (IndianOil) - for its high-quality base oil, ADbase, according to Hydrocarbonprocessing.

Ahmad Bin Thalith, Acting Senior Vice President of Refined Products Sales, in ADNOCs Marketing, Supply and Trading directorate, said: "The signing of this important sales agreement, with another major base oil consumer in a large and growing market, is testament to the quality and reliability of ADNOCs Group III base oil, ADbase. We look forward to working with IndianOil and to increase the supply of ADbase to the Indian market, which continues to see strong demand for high quality base oil and finished lubricants."

IndianOil is one of the worlds largest companies, ranked 137 on the Fortune 500 list.  It is the largest seller of finished lubricants in the Indian market with an approximate volume of 450,000 tons per annum. The total Indian market for finished lubricants is 2 million tons and is growing at the rate of 2.4% per annum. IndianOil will use the ADbase oils to manufacture high end engine oils for Indias growing automotive sector.

"IndianOil is a long-standing partner of ADNOC and we look forward to building on and strengthening the links between our two companies. The high quality of ADNOCs ADbase product, combined with strong logistics support and the proximity of the UAE to India, was key in our decision to sign this agreement," Subimal Mondal, Executive Director (Lubes) at IndianOil said.

The signing of this agreement follows a recent signing with Xiamen Sinolook Oil Company to supply ADbase into China, and the 2017 and 2018 exclusive agreements with Penthol C.V., and Chemlube for the supply of ADbase into the United States of America and Europe. 

ADNOC Refining, an ADNOC subsidiary, produces up to 500,000 metric tonnes per year of Group III base oil and around 100,000 metric tonnes per year of Group II base oil, at its Ruwais refinery. Murban, Abu Dhabis light, high paraffinic crude is used as feedstock for ADNOCs Base Oil plant, which ensures a consistent, high quality product.

ADbase has a high Viscosity Index (VI) making it an ideal lubricant component, ensuring efficiency and fuel economy for high performance engines, while meeting ever stringent environmental regulations.

ADNOC has already completed API SN approval, GM Dexos 1, ILSAC GF-5, and 0w-20 for full synthetic motor oils, and is actively working with additive companies to achieve Original Equipment Manufacturers (OEM) and European Automobile Manufacturers Association (ACEA) formulation approvals.

As MRC reported earlier, in May 2018, ADNOC unveiled plans to invest AED 165 billion (USD45 billion) alongside partners, over the next five years, to become a leading global downstream player, enabling it to further stretch the value of every barrel it produces to the benefit of ADNOC, its partners and the UAE.

ADNOC is now accelerating this transformation by unveiling its plans to become a leading global downstream player. The new strategy will be supported by ADNOCs 45 year plus legacy of a unique and open approach to partnerships, built on the UAEs bedrock values, reliability and attractiveness. ADNOC will again look to create long term downstream partnerships, providing access to the most attractive parts of the energy value chain, to redefine ADNOCs future growth.


mrcplast.com
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, ADNOC, Indian Oil Corp, India, United Arab Emirates (UAE).
Category:General News
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