Gulf Petrochem
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Gulf Petrochem Group is a company operating in the downstream and midstream sectors of the oil and energy industry. It has six divisions in Oil Trading and Bunkering, Oil Refining, Grease Manufacturing, Oil Terminals, Bitumen Manufacturing, and Shipping and Logistics.[1]
History[edit]
Gulf Petrochem was founded by brothers Ashok Goel and Sudhir Goyel.[2] In 1998 they obtained the rights to commission a refinery in Sharjah's Hamriyah Freezone alongside a grease manufacturing plant producing lithium base grease.[3]
In 2007 Gulf Petrochem entered into Fujairah through the construction of a 112,233 square metres (1,208,070 sq ft) oil terminal with a total storage capacity of 412,000 cubic metres (14,500,000 cu ft) to handle Class III petroleum products such as Fuel Oil, Gas Oil and Cutter Stock.[4] In Hamriyah, the facility has a total of 14 tanks, with pipelines for white and black products.
In 2010 trading offices were established in Singapore and Dubai.[5] The company is now trading in fuel, gas, base oil and bitumen with offices in 15 countries.[citation needed]
In 2014 Gulf Petrochem announced an acquisition of the Royal Dutch Shell Specialties Bitumen plant at Savli, near Vadodara in Gujarat, India.[6] It also made an open offer to acquire 26% of Sah Petroleums Ltd, a manufacturer of industrial and automotive oil lubricants in India, from its public shareholders. This follows the group's 72.23% acquisition of the company on 31 July 2014, pursuant to a share purchase agreement.[7]
Operations[edit]
- Manufacturing and Refining: Gulf Petrochem has two refineries handling feedstock and finished products and capacities that produce naphtha, MTO, Gas Oil and Fuel Oil. It also has capacity for grease manufacturing and Bitumen manufacturing. Gulf Petrochem is building a refinery in Tanzania that will be used as medium and heavy crude distillation units and distillate products will be naphtha, MTO gas oil and fuel oil.[8]
- Bunkering: In 2012, Gulf Petrochem began supplying Khor Fakkan and Jebel Ali bunker market.[9] In India, India Pvt Ltd, a subsidiary of Gulf Petrochem FZC, is a physical bunker supplier at Gujarat Port.
- Storage: Gulf Petrochem has three storage facilities for vessel loads of feedstock:
- The Hamriyah oil terminal
- The Fujairah oil terminal
- The Pipavav oil terminal in Gujarat
- Shipping and Logistics: Gulf Petrochem charters and owns a fleet of eight ships ranging from.
- Oil Trading: Gulf Petrochem has trading offices in London, Geneva, New Delhi, Mumbai, Dubai[10] Panama, Singapore and Rotterdam.
Other Activities[edit]
Gulf Petrochem founded the ASPAM Foundation that supports orphans across India.[citation needed]
Board of directors[edit]
- Ashok Goel, Chairman
- Sudhir Goyel, Managing Director
- Prerit Goel, Group Director
- Manan Goel, Group Director
- Ayush Goel, Director
References[edit]
- ^ "Gulf Petrochem FZC". bloomberg.com. Retrieved 22 September 2022.
- ^ "Sudhir Goyel - Top Indian leaders in the Arab World 2014 : Top Owners". Forbesmiddleeast.com. Archived from the original on 3 July 2015. Retrieved 12 June 2015.
- ^ Abdelghani Henni (16 November 2011). "Interview: Sanjeev Sisaudia, CEO of Gulf Petrochem". ArabianOilandGas.com. Retrieved 12 June 2015.
- ^ "Gulf Petrochem to invest in Fujairah". GulfNews.com. 5 January 2012. Retrieved 12 June 2015.
- ^ "Gulf Petrochem Group opens new Dubai office in line with regional growth plans". Arabwideweb.com. 22 December 2011. Retrieved 12 June 2015.
- ^ "Gulf Petrochem buys Shell's bitumen plant in India". Oilreviewmiddleeast.com. 25 September 2014. Retrieved 12 June 2015.
- ^ "Gulf Petrochem makes open offer to acquire 26% Sah Petroleums". GulfNews.com. 9 October 2014. Retrieved 12 June 2015.
- ^ "European Oil and Gas". Europeanoilandgas.co.uk. 13 September 2013. Archived from the original on 14 June 2015. Retrieved 12 June 2015.
- ^ "Article". Euroasiaindustry.com. 22 May 2012. Archived from the original on 14 June 2015. Retrieved 12 June 2015.
- ^ "Gulf Petrochem opens new office in Dubai".