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LUKOIL Marine Lubricants increases turnover to 200 million US$

Specialising in lubricants for the maritime industry, LUKOIL Marine Lubricants Ltd. increased its sales revenue in the past financial year 2012 by 74 percent to around 200 million US dollars (ca. 154 million euros). This favourable result has just been announced by LUKOIL Marine Lubricants’ CEO Victor Zhuravskiy.

Founded not long ago in 2008, LUKOIL Marine Lubricants is a part of LLK-International, 100% Russian oil giant LUKOIL’s subsidiary. The company’s recent performance marks a continuation of its headlong growth. “We’ve managed to build a truly global, efficient organization which is now the fastest growing company in the industry.  There are 5 operational offices in Germany, Russia, UAE, Singapore and USA and number of highly experienced marine professionals all over the world located in Greece, HK, UK, Italy, Norway, Holland, China , S. Korea, Japan, Taiwan and S. Africa. We have everything in our hands so I’m confident we will continue to expand our business on a long-term basis” Zhuravskiy stated.

This development is all the more remarkable in view of the fact that the worldwide maritime lubricants market has undergone marked consolidation in past years – from over a dozen suppliers at the turn of the millennium to the five big players dominating the scene today.

Stefan Claussen, Technical and Marketing Director at the Hamburg office of LUKOIL Marine Lubricants, sees the main reasons for the company’s success in two factors: “By contrast with our competitors, we are persistently expanding our global network. Our lubricants are now more readily available in many ports than those of other suppliers. In addition, we focused at an early stage on the development of new high-grade oils for ship’s engines, which reduce both consumption and wear and tear.”

Since entering the worldwide lubricant oils business, LUKOIL has seen Hamburg as key location for its technical expertise. “And we are close to our customers, of course – Germany and Hamburg in particular continue to be among the world’s most important centres for the shipping industry. The combination of Russian raw materials, world leading additive technology and German engineering has been an important factor in our success.”