Repsol boosts its Asian expansion with the purchase of 40% of United Oil Company
Press Release30/09/2019 18:45
Repsol has formed a Joint Venture with United Global Limited after buying a 40% stake in its Singapore-based lubricants manufacturer and distributor United Oil Company. This will expand Repsol’s presence in Asia Pacific and especially Indonesia, the region’s largest lubricants markets.
The Joint Venture will manufacture and supply Repsol’s brand of products in Singapore, Indonesia, Malaysia and Vietnam.
The Joint Venture will upgrade the manufacturing plant in Indonesia and combine Repsol’s strong brand and product range with United Oil Company’s local knowledge and distribution network.
The expansion of this business is part of Repsol’s Strategic Plan 2018–2020 goals to grow and internationalize the downstream unit, for which Repsol has allocated 1.5 billion euros, including the service stations, petrochemicals, lubricants and trading businesses.
Repsol’s Lubricants unit aims to double its sales volume to 300,000 metric tons, with 70% from outside Spain. Repsol now has manufacturing and distribution hubs in Spain, Mexico and Indonesia. With this Joint Venture, Repsol produces and distributes these products in Spain, Mexico and Indonesia, and sells them in more than 90.