Karachi : In a breakthrough development for the Pakistani oil market, global lubricants giant, Gulf Oil has entered into the Pakistani market in partnership with OTO Pakistan. It will attract the interest of global petrochemical companies into the Pakistani oil market as a safe trade, investment and joint ventures destination, said Tariq Mehmood, CEO of OTO Pakistan.
It is pertinent to note that CEO of Gulf Oil UK, Mike Jones, has signed the agreement with his Pakistani counterpart in their corporate headquarters in London.
Tariq Mehmood explained that Pakistan is a huge market for lubricants and retail fuels; with a population of 245 million and at least 8 million vehicles. Whereas, Gulf Oil has been established since 1901 and supplies lubricants to 1,400 ports around the world. It is pertinent to note that oil trade is the mother of all trades and an essential one for the economic development of any country, he added.
Tariq Mehmood said that the prerequisite to bringing foreign direct investment (FDI) to Pakistan is to project Pakistan’s soft image and present it as a lucrative market for international companies. In this specific case, Gulf Oil is a huge company with presence in 100 countries across the globe and their doing business with Pakistan will set an example for other global petrochemical conglomerates to tap into the Pakistani market, he added.
Tariq Mehmood elaborated that availability of Gulf Oil products will not only raise the standards of Pakistani lubricants market; but, also promote healthy competition among existing and potential market players.
Mr. Mehmood highlighted that, in the backdrop of CPEC, Pakistan has the potential to become a regional transhipment hub and demand for lubricants will be multifold in the span of few years. Additionally, energy is one of the five focus areas of the Special Investment Facilitation Council (SIFC); and, the oil industry provides fuels for the energy sector. OTO Pakistan is proud to have brought a global player into the Pakistani market and is playing its part to uplift the industry, he added.
