Memorandum of Understanding Signed between Gazpromneft-Lubricants and Nippon Oil

A Memorandum of Understanding has been signed between Gazpromneft-Lubricants LLC and Nippon Oil. The Parties specified that Gazprom Neft’s subsidiary will produce lubricants for Nippon Oil Corporation within the borders of the Russian Federation, including those for guarantee maintenance of the vehicles with recommended Nippon Oil lubricants use. The entire production output will be manufactured by Gazpromneft-Lubricants under Nippon Oil Corporation specifications.

JSC Gazprom Neft Deputy General Director for Logistics, Refining and Marketing Anatoliy Cherner stated:

“The agreement signed with Nippon Oil Corporation represents yet another step forward in the framework of Gazprom Neft’s lubricant business efficient development, and an evidence of our foreign partners’ high loyalty to the quality of production manufactured by the Company”.

Reference

Gazpromneft-Lubricants LLC was founded in 2007 to the effect of JSC Gazprom Neft’s lubricant business development. The company holds assets in Western Siberia (Omsk), European Russia (Yaroslavl), and Western Europe (Bari, Italy). In 2008, the lubricant profile production output of Gazpromneft-Lubricants exceeded 350 thousand tons.

Nippon Oil Corporation is a major Japanese oil producer formed due to the merge of Mitsubishi Oil and Nippon Oil giants. The company operations include oil production and refining, it owns a network of gas filling stations in Japan, and manufactures lubricants under the brand of Eneos.