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Mr R.S. Butola, Chairman, Indian Oil Corporation, today inaugurated a lube oil bulk storage facility here, built at a cost of Rs 23.36 crore. The terminal will make it easier for the company to supply base stocks to its customers.
Companies like Castrol buy lube base stocks, blend them in some proportion and produce a variety of lubricants for automotive and industrial applications. While IOC itself in the lubricants business — it is the largest player — but it also supplies raw materials to its competitors.
Earlier, IOC's competitor-customers were given their supplies out of the refinery complex of Chennai Petroleum Corporation Ltd, which is a subsidiary of IOC. Now, with the new bulk storage facility in place, the lube base stocks from the refinery will be piped to the facility, from where it would be supplied to customers.
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