Abu Dhabi National Oil Company (Adnoc) announced on Tuesday that it has signed another significant long-term sales agreement with Indian Oil Corporation for its base oil, ADbase.
IndianOil is one of the world’s largest companies, ranked 137 on the Fortune 500 list and is the largest seller of finished lubricants in the Indian market with approximate volume of 450,000 tons per annum.
The total Indian market for finished lubricants is 2 million tons and is growing at the rate of 2.4 percent per annum. IndianOil said it will use the ADbase oils to manufacture high end engine oils for India’s growing automotive sector. Read More