ID :
212312
Wed, 10/12/2011 - 08:00
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Shortlink :
http://m.oananews.org//node/212312
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GS Caltex releases lubricant products in China
HONG KONG, Oct. 12 (Yonhap) -- GS Caltex Co., South Korea's second-largest refiner, said Wednesday that it has released lubricant products in China in a bid to tap into the fast-growing market.
Earlier this year, GS Caltex signed an agreement with Dongfeng Motor Lubricant (DFML), a unit of Chinese carmaker Dongfeng Motor Corp., to jointly use their brands.
The two companies launched this week a brand called Dongfeng GS Lubricants, taking the first step in their efforts to cooperate on making inroads into the Chinese car lubricant market.
Under the brand, they will sell gasoline engine oil, diesel oil and heavy-duty gear oil, GS Caltex officials said.
The Chinese lubricant market is estimated at US$11 billion, the world's second-largest market following the U.S., GS Caltex said.
Car lubricants account for 64 percent of the Chinese market, while industrial lubricants represent 34 percent, the refiner said.
Company officials said the two companies are considering a plan to establish a joint venture in order to boost their presence in the Chinese market.
Earlier this year, GS Caltex signed an agreement with Dongfeng Motor Lubricant (DFML), a unit of Chinese carmaker Dongfeng Motor Corp., to jointly use their brands.
The two companies launched this week a brand called Dongfeng GS Lubricants, taking the first step in their efforts to cooperate on making inroads into the Chinese car lubricant market.
Under the brand, they will sell gasoline engine oil, diesel oil and heavy-duty gear oil, GS Caltex officials said.
The Chinese lubricant market is estimated at US$11 billion, the world's second-largest market following the U.S., GS Caltex said.
Car lubricants account for 64 percent of the Chinese market, while industrial lubricants represent 34 percent, the refiner said.
Company officials said the two companies are considering a plan to establish a joint venture in order to boost their presence in the Chinese market.
