Pakistan Rupee Exchange Rate
In a key development for the country’s oil sector, global lubricants giant Gulf Oil announced that it has entered the Pakistani market in partnership with OTO Pakistan.
As per a press statement released on Saturday, an agreement in this regard was signed between Mike Jones, CEO of Gulf Oil UK, and his counterparts representing OTO Pakistan, an oil marketing company (OMC), in London.
The development “will attract the interest of global petrochemical companies into the Pakistani oil market as a safe trade, investment and joint ventures destination,” said Tariq Mehmood, CEO of OTO Pakistan.
Gulf Oil is a global oil company that has a long history in the petroleum industry. It was originally founded in 1901 as the Gulf Refining Company in Texas, USA. Over the years, Gulf Oil expanded its operations internationally and became a prominent player in the oil and gas sector.
Meanwhile, OTO Pakistan, incorporated in 2008, is engaged in the marketing of petroleum products including furnace oil, high-speed diesel, motor gasoline, kerosene, lubricant, bitumen and jet fuels.
Talking about the partnership, CEO of OTO Pakistan said that Pakistan offers a huge market for lubricants and retail fuels; with a population of 245 million and at least eight million vehicles.
“Gulf Oil has been established since 1901 and supplies lubricants to 1,400 ports around the world. Oil trade is the mother of all trades and an essential one for the economic development of any country,” he added.
The development comes at a time when Pakistan, facing low foreign exchange reserves, remains keen on attracting foreign direct investment (FDI).
The government in this regard has also launched several programmes including the Special Investment Facilitation Council (SIFC) to lure in foreign investment.
Sharing his thoughts on attracting FDI flows, Mehmood, CEO of OTO Pakistan said that the prerequisite to bringing FDI into Pakistan is to project the country’s soft image and present it as a lucrative market for international companies.
“In this specific case, Gulf Oil is a huge company with a presence in 100 countries across the globe, and their doing business with Pakistan will set an example for other global petrochemical conglomerates to tap into the Pakistani market,” he said.
Mehmood, who also serves as Senior Vice Chairman of OMAP (Oil Marketing Association of Pakistan), said the entry of Gulf Oil into the Pakistani market will promote healthy competition among existing and potential market players.
