Japanese refiner Idemitsu opens lubricant sales unit in Philippines
MANILA, NNA - Major Japanese oil refiner Idemitsu Kosan Co. has opened a sales unit in the Philippines to cash in on growing demand for lubricants amid booming vehicle sales in the country.
Wholly owned Idemitsu Lubricants Philippines Inc. recently started selling lubricants to Japanese carmakers and auto parts makers in the country while aiming to expand sales of Idemitsu brand oil there, company spokeswoman Rika Takimoto told NNA on Monday.
The sales arm, established last October with capital of 50 million pesos ($969,700), sells Idemitsu products including those imported from its group arms in other Southeast Asian countries.
Unioil Petroleum Philippines Inc., Idemitsu's local partner since 1994, continues to produce lubricant for the Japanese company, Takimoto said.
Idemitsu estimates that the country's total lubricant demand stands at 250,000 kiloliters per year and will continue to grow by 10 percent annually in line with its economic growth, she said. (NNA/Kyodo)