ENOC Lubes in first Far East deal

The agreement follows a series of recent strategic agreements in East Africa and Uzbekistan, which has seen ENOC Lubricants' distribution network expand to 12 countries.

"Indonesia's annual lubricants' demand in the industrial and automotive sectors is in excess of 680,000 tons," said Hussain Sultan, ENOC Group Chief Executive & Board Member. "Indonesia will serve as a springboard for our further penetration of the Far East's lucrative lubricants market," he added.

"With a population of 255 million, Indonesia presents us with unlimited potential, as currently only 16 major brands are represented in the market.

Thanks to several recent policy reforms, which saw lowering import tariffs, car prices have become more attractive to Indonesian consumers."

The memorandum was signed in Dubai by Tayyeb Al Mulla, Chief Executive, ENOC International Refining and Marketing and Moch Cholis, President & Director, PT Muhtomas.

"The country's automotive industry is fast recovering following the recent financial crisis and will soon return to the 1997 boom levels," said Cholis, founding member of the Jakarta-based company. "Our 50-year experience and knowledge of the local market, makes us the ideal partner for ENOC Lubricants."

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