Global industrial lubricants market size is expected to reach $68 billion by 2024
ENOC Group’s EPPCO Lubricants has signed a three-year MoU with Al-Futtaim Auto & Machinery Company (FAMCO) to exclusively supply lubricants, coolants and greases for FAMCO’s UAE operations.
According to recent research, the global industrial lubricants market size is expected to reach $68.41 billion by 2024.
EPPCO Lubricants will supply approximately 22,500 barrels, an equivalence of 3.577 million litres of the products over the next three years.s
H.E. Saif Humaid Al Falasi, Group CEO of ENOC said: “The growth of the manufacturing sector is resulting in a rise in demand within the automotive, industrial and marine lubricant markets. Our strategic partnership with FAMCO will contribute to meet current market requirements.”
The partnership between EPPCO Lubricants and FAMCO is one of the most strategic accounts for ENOC Group in the last 15 years. With this MoU, both entities will jointly explore mutual areas of interest and future opportunities.
EPPCO Lubricants, a joint venture between ENOC and Chevron Al Khaleej, distributes ENOC and Caltex branded lubricants and greases in the UAE.