Gulf Oil International Limited signed a joint venture agreement with IFAD Autos Ltd, a leading assembler and seller of vehicles, for manufacturing and distribution lubricant in Bangladesh, the company said in press statement yesterday. The company plans to set up a manufacturing/blending plant to serve Bangladesh and neighboring countries. Gulf Oil Bangladesh, a subsidiary company of Gulf Oil International Group, has a vision and plan in place to become one of the top three market players in the next four years, the statement added.
Iftekhar Ahmed Tipu, chairman of IFAD Autos, and Frank Rutten, vice-chairman of Gulf Oil International UK Limited, signed the agreement at a hotel in the capital on Wednesday. Commerce Minister Tofail Ahmed was present at the signing ceremony.
Under the agreement, Gulf Oil and IFAD Autos Ltd in joint venture will manufacture and distribute lubricant in Bangladesh.
'Our joint venture with IFAD Autos Ltd is a strategic move for us in Bangladesh as globally we seek to increase our presence in the key emerging markets. This partnership will take us to higher growth levels and enable Gulf Oil as a brand to spread across many segments in the growing economy of the country' says Frank Rutten, VP, International, Gulf Oil International.
'IFAD has a great history in the development of Bangladesh,' said Taskeen Ahmed, managing director, IFAD Autos Ltd. We look forward very much to Gulf being part of IFAD's future and to being part of theirs in the years to come,' he added.
“We are delighted to be able to announce this new partnership between Gulf and IFAD,” said Amlan Mitra, CEO of Gulf Oil Bangladesh.