Malaysia's leading oil and gas giant, Petronas, recently sealed multiple agreements with the Kingdom of Saudi Arabia. The company inked an agreement with Saudi Arabia’s Unified Lubricants Company (ULC) on the exclusive distribution of high-quality engine oils and other products in the Kingdom.
In a major move to boost cooperation with the Kingdom, Petronas also signed an agreement with Saudi Aramco in late February this year. Following the agreement, the Saudi Arabian Oil Company will have an equity stake in the Refinery and Petrochemical Integrated Development (RAPID) project developed by Petronas in the Malaysian southern state of Johor.
Engineer Mohammad Al Fahl, Board of Directors of ULC, said: “The partnership between Petronas and Saudi Arabia solidifies the Kingdom’s position as a main player in the global economy, in line with Saudi Arabia Vision 2030. Through ULC’s partnership with Petronas, we can offer a wide range of high quality products to motorists, and provide training opportunities to Saudi youth.”
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Tyre market in Bangladesh is forecasted to grow at over 9% until 2020 on the back of growth in automobile sales, advancements in public infrastructure, and development-seeking government policies.
The government has emphasized on the road infrastructure of the country, which has been instrumental in driving vehicle sales in the country.
The tyre market reached Tk 4,750 crore last year, up from about Tk 4,000 crore in 2017, according to market insiders.
The commercial vehicle tyre segment dominates this industry with around 80% of the market share. At least 1.5 lakh pieces of tyres in the segment were sold in 2018.
In the commercial vehicle tyre segment, the MRF's market share is 30%. Apollo controls 5% of the segment, Birla 10%, CEAT 3%, and Hankook 1%. The rest 51% is controlled by non-branded Chinese tyres.
However, Bangladesh mostly lacks in tyre manufacturing setups, which leads to tyre imports from other countries as the only feasible option to meet the demand. The company largely imports tyre from China, India, Indonesia, Thailand and Japan.
Automobile and tyre sales in Bangladesh are expected to grow with the rising in purchasing power of people as well as growing investments and joint ventures of foreign market players. The country might become the exporting destination for global tyre manufacturers.
Several global tyre giants have also expressed interest in making significant investments by setting up their manufacturing units in the country.
This reflects an opportunity for local companies to set up an indigenous manufacturing base in Bangladesh and also enables foreign players to set up their localized production facilities to capture a significant market.
It can be said that, the rise in automobile sales, improvement in public infrastructure, and growth in purchasing power to drive the tyre market over the next five years.
Headline crude prices for the week beginning 14 January 2019 – Brent: US$61/b; WTI: US$51/b
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GEO ExPro Vol. 15, No. 6 was published on 10th December 2018 bringing light to the latest science and technology activity in the global geoscience community within the oil, gas and energy sector.
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