Gulf Petrochem plans expansion on four continents
Acquisition and expansion plans part of long- term strategy
UAE Gulf Petrochem unveiled grand expansion and acquisition plans in Europe, Asia, Africa and North America in the coming years, Gulf News has reported.
A top executive in the company told the news website it was planning to enter new Asian markets like Singapore, Malaysia and Sri Lanka.
He added that this year Gulf Petrochem has set eyes on East Africa and Nigeria. However, next year it would look into Europe and the US.
“We are aiming to become a $4-billion company by 2016 from a $2billion [one] at the moment. That’s the vision we have for the company. We are on a development spree,” M Prabakaran, global head of terminals at Gulf Petrochem told Gulf News.
Prabakaran also revealed that the oil terminal at Pipava port in the Western Indian state of Gujarat will be commissioned soon.
The new oil terminal adds momentum to the company’s long-term expansion strategy because of its proximity to key rail and road networks, which offer direct access to critical markets in the hinterland, the northwest and Central India, he said.
Gulf Petrochem has a 72.23% share in Sah Petroleum company in India, which specialises in industrial lubricants. October last year it made an open offer to acquire 26% in the company.
“Through that we will be entering into auto lubricants also. We are looking for like-minded MNCs [multinational corporations] to join us so that we can co-brand or produce our own brand,” he said.