CAIRO Jan 15 Egyptian car assembler GB Auto
has agreed an exclusive local distributorship deal
with Gazprom Neft, the oil-producing arm of Russia's
Gazprom, to expand into Egypt's lubricants market, it
said on Wednesday.
"Egypt today has a huge economic potential. Its lubricant
market is estimated at 400,000-450,000 tonnes and shows 4 to 5
percent annual growth," said Alexander Trukhan, General Director
of Gazpromneft Lubricants in a joint statement.
"Operating in this market will let us not only widen the
distribution map up to 40 countries, but strengthen our
positions in the African markets."
Gazpromneft Lubricants holds 14 percent of the Russian
lubricants market and distributes its products to Europe,
Serbia, Ukraine, Belarus, Kazakhstan and Central Asia, according
to its website.
GB Auto said it was planning to roll out Gazpromneft-branded
products through its own distribution network as well as
third-party distributors. The company could not immediately be
reached to clarify when or in what volumes it would start
selling the products.
(Reporting By Shadia Nasralla; Editing by Greg Mahlich)