Abu Dhabi National Oil for Distribution : ADNOC Distribution Signs Lubricants Agreement with HPCL of India

ADNOC Distribution (ADX: ADNOCDIST), the leading mobility retailer in the UAE, today announced the signing of an agreement with Hindustan Petroleum Corporation Limited (HPCL), one of India's largest lubricant marketers and fuel retailing companies. The agreement highlights the mutual intent of both companies to explore avenues for expanding their respective international lubricants and allied products businesses in the UAE, India and other potential markets.

With an annual demand of three billion liters, India is among the world's most significant markets for lubricants. ADNOC Distribution aims to enter this dynamic market, gaining access to a vast network of over 28,000 retail stations.

Eng. Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: "This agreement demonstrates our strategic approach to collaborating with leading partners worldwide. With HPCL's robust performance record spanning over a century, we aim to establish a strong presence in India, one of the world's largest and rapidly growing markets. Today's announcement marks another significant milestone in ADNOC Distribution's international expansion journey as we strive to enhance our position in key lubricant markets worldwide."

This agreement establishes a framework for both companies to foster mutually beneficial cross-border business synergies, leveraging their respective local market capabilities and infrastructure, as they enhance the efficiency of their overseas lubricant operations, including the supply of lubricants and access to key logistical and marketing support services.

Sanjay Kumar, Executive Director & Head of Lubes SBU, HPCL Middle East FZCO, said: "We are excited to embark on this journey with ADNOC Distribution. They are the perfect partner for us to build our offering, as their production and marketing capabilities will be instrumental in expanding our business and footprint in the international lubricants' markets."

This agreement supports ADNOC Distribution's international growth strategy as both companies will jointly explore opportunities to penetrate new and growing markets, targeting 10 key countries in 2023 for the development of their respective businesses.