June 28, 2024 (MLN): Hi-Tech Lubricants Limited (HTL) has signed a Memorandum of Understanding (MoU) with its principal supplier and pioneer in the Korean lubricant market SK Enmove Co. Ltd., South Korea, (SKEN).
The MoU pertains to the supply of specific additives, ingredients, and formulas for the blending and packaging of high-end synthetic lubricant products of international quality under the renowned brand name ZIC.
These products will be manufactured at the plant site of HTL's wholly-owned subsidiary company, M/S Hi-Tech Blending (Pvt.) Ltd., located in Lahore, Pakistan.
The blending of such international quality / high-end synthetic lubricant products under the renowned brand name ZIC in Pakistan will help reducing costs and expenses, including specifically, the duties and taxes as compared to the import of fully blended / packed lubricant products from South Korea.
Therefore, HTL will be able to improve its margins by enabling more competitive pricing according to market competition and trends.
Apart from SKEN's transformation into an Energy Saving Company, SKEN has a vision to lead in the fuel efficiency improvement and provides premium lube base oil products that enhance automobile fuel efficiency.
Hence, to strengthen SKEN's supply capabilities, SKEN has established production hubs in Europe and Asia and formed joint ventures with global partners which allows SKEN to supply high quality products to 50 regions worldwide reliably.
So, HTL will also be able to fulfill the regional demands of international customers of SKEN through export of such lubricant products.
