Gulf Oil Lubricants India Ltd. (GOLIL), has announced a longterm strategic partnership with S-Oil Corporation, South Korea - one of the leading oil refining and lubricant manufacturing companies in Asia, to exclusively manufacture and market their entire range of lubricants under the brand - 'S-Oil Seven' for the Indian market. The relationship which in the past has been built as key Term Partner on the base oil imports is now extended as the S-Oil lubricant products will soon be launched in India. It is the firsttime ever that a S-Oil lubricant product is being manufactured outside of South Korea.
With wide range of automotive products, S- Oil Seven has been a trusted brand for leading automakers such as Hyundai Kia, Ssangyong and other various OEMs and is exported to more than 60 countries in the world from South Korea.
The launch of S-Oil Seven lubricants brand will further strengthen the 15 years long relationship in base oil business in India and other Asia Pacific regions with Gulf Oil. Both companies will work together to build value with this association leveraging S-Oil's strong presence in Korean Car OEMs and top tier PCMO products, complemented with Gulf Oil India's manufacturing, marketing & distribution expertise. Commercial production of S-Oil Seven recently began at Gulf Oil Lubricants' state of art production facility at Chennai, India.
Commenting on the collaboration, Ravi Chawla, MD & CEO, GOLIL said - "Our relationship with S-Oil gets even stronger with this opportunity as we will work together to launch new products and grow our market shares in India across segments, bringing in a range of technologically advanced products for Indian consumers looking for value creating solutions. The S-Oil Seven range made with leading technology and approval from OEM's in segments that are growing, as also the renowned quality of Korean products will be showcased and now made in India."
Mr. J. H. Bae, Head of Global Sales HQ, S-Oil Corporation said "This partnership and recent commencement of S-OIL SEVEN's first batch in India is highly meaningful as it is the first time ever we have seen the S-OIL brand of lubricants manufactured outside of South Korea which is only possible because of our strong and long-term relationship with GOLIL. Furthermore, it is even more significant as this step was taken successfully in India, one of the world's biggest lubricant markets, in the face of a global pandemic situation across the world."
The market launch of S-Oil Seven in India will happen in Q3' FY 2020-21.
Shares of Gulf Oil Lubricants India Ltd was last trading in BSE at Rs.636 as compared to the previous close of Rs. 623.05. The total number of shares traded during the day was 774 in over 142 trades.
The stock hit an intraday high of Rs. 642 and intraday low of 625.5. The net turnover during the day was Rs. 489341.