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Monday, February 18, 2013   VOLUME 9 ISSUE 7  
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Gulf Oil Corp Ltd Plans to Establish Its Lubes Business as Stand Alone Company

The Board of Directors of Gulf Oil Corporation Limited, a Hinduja owned Gulf Oil International Group company, reportedly at its Board Meeting on February 7, discussed the potential restructuring of the various businesses of the Company including demerger of the Lubricants business into a separate listed company and authorized the Committee of Directors to consider the matter and make necessary recommendations.

Presently Gulf Oil Corporation Limited consists of four business segments which includes its Lubricants Division, Explosives Division, Mining and Infrastructure Division and Property Development. 
 
Gulf Oil Corporation Limited has reported a 25% increase in profit from operations before Interest and Exceptional Items for Q3 at Rs.15 crores (US$2.76 million) compared to Rs.12 crores in the same quarter last year, an increase of approximately 25 percent.
 
The Lubricants Division achieved a turnover for the quarter of Rs. 231 crores as compared to Rs. 213 crores in the corresponding quarter of the previous year i.e. a growth of 9% on a quarter over quarter basis amid tight market conditions. Operational Profit before Interest and Tax for the quarter has also gone up by 11% to Rs. 29 crores compared to Rs. 26 crores in the corresponding quarter of the previous year.
 
Gulf Oil Corporation Ltd recently completed the acquisition of 100% stake in Houghton International Inc. for USD 1.045 billion, after satisfactory conclusion of regulatory approvals in the USA. For additional details, please see our story "'Gulf Oil to Acquire Houghton for $1.045 Billion" In the November 12, 2012 issue of the OEM/Lube News.

In late 2007, Gulf Oil International Group, along with the Dabbagh Group, its joint venture partner in Saudi Arabia, purchased 100 percent of the shares in the Saudi Arabian Lubricating Oil Company (Petromin), the largest manufacturer of (blended) lubricant products in the Kingdom of Saudi Arabia with the largest market share, from Saudi Aramco and Mobil Investments S.A., an affiliate of ExxonMobil. For additional details, please see our story "Gulf Oil International Buys Petromin.
 
Upon our request for clarification of the Gulf Oil International organizational structure, Simon Maurice of Gulf Oil International's press agency Chicane Marketing told OEM/Lube News "Gulf Oil Corporation Ltd (Hyderabad based) is a publicly listed company in India and manufactures and distributes Gulf branded lubricants in India and elsewhere. Gulf Oil International UK Limited (London based) provides advisory services to the Gulf Oil International Group. Both of these companies are sister companies within the Cayman Islands-headquartered Gulf Oil International Group which in turn is itself part of the Hinduja Group of companies."
 
Gulf Oil International Group owns the Gulf trademark outright in essentially all countries outside of the United States, Spain and Portugal, having operations, according to the company, in over 100 countries around the world.
 
Gulf Oil Limited Partnership, a totally different entity, based in Massachusetts, owns the Gulf trademark in the United States, having acquired from Chevron in January 2010 all right, title and interest in the Gulf brand name in the United States.
 

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