Published 29th November, 2010
South Korea's GS Caltex and Samsung C&T Corporation are to form a partnership to move into the Chinese lubes market.
This is the second major partnership Caltex, South Korea's second largest refiner, has put together recently, with a view to taking a share of the Chinese lubricants market estimated at 12tr Won ($10.6bn).
The Samsung partnership will take Caltex into the steel, textile and chemical lubricants sectors using five key Chinese vendors in Samsung's portfolio and could expand Caltex's lubricants export to oil product ratio from 20% to 50%.
In August this year, Caltex and South Korea's Hankook Tire Co. also signed a partnership deal to focus on the Chinese auto lubes market, which forms the majority of China's lubes consumption.