By ERIC YEP
China Petroleum and Chemical Corp. (Sinopec) has officially commenced operations at its new lubricant facility in Singapore. The lubricant plant, with an initial production capacity of 100,000 tpy, is the company's first direct overseas investment.
The company, a unit of China Petrochemical Corp., said it plans to expand its operations in Asia-Pacific, with the Singapore plant as its regional hub.
"The Asia-Pacific region is the largest and fastest-growing lubricants market, accounting for almost 42% of the global lubricants market in 2012," commented Yeoh Keat Chuan, the managing director of Singapore's Economic Development Board.
Lubricants consumption is expected to reach 17 million tons by 2017, he said.
Dow Jones Newswires