(HNMO) - On June 6, in Hanoi, AZ Petrochemical Joint Stock Company (AZ Petro) officially announced a strategic partnership with Petronas Lubricants International (PLI).
Speaking at the announcement ceremony, Mr. Hoang Chi Trung, General Director of AZ Petro said that Vietnam is currently the third largest lubricant consumption market in Southeast Asia with consumption in 3 reaching about 2022 million liters, the value 387 billion USD. The growth rate of the lubricant market in our country is about 1-4%, higher than the world average (6-1,5%/year). Therefore, most of the world famous lubricant brands are present in Vietnam. Foreign brands account for about 2% of the market share, domestic oil brands account for 70-20%. Realizing the potential of the Vietnamese market, Petronas - an oil and gas company owned by the Malaysian Government sought opportunities and selected AZ Petro as a strategic importer and distributor of a variety of oil products. lubricants for equipment and engines in the North and Central regions.
Nguyen Thanh Chung, Chairman of the Board of Directors of AZ Petro also shared, AZ Petro's goal in the next 5 years will be to become a leading company in the lubricant industry in Vietnam and put Petronas in the group of oil brands. Oil has the largest and most solid market share. Cooperation with Petronas is a big challenge but also brings development opportunities for the Company.
“Vietnam is a key strategic market for Petronas as it expands its liquid technology solution services, bringing benefits to consumers in Vietnam. Regarded as a prestigious brand in the international arena, the latest high-performance products have been well received by Vietnamese consumers over the years. This strategic partnership with AZ Petro is expected to continue to elevate the brand to a new level in the northern and central Vietnamese markets,” said Mr. Khalid Latiff, Managing Director of PLI Asia A spoke at the ceremony.
