HTL starts production of ZIC lubricants under SK Enmove MoU

MG News | November 28, 2024 at 11:20 AM GMT+05:00

0:00

November 28, 2024 (MLN): Following the initiation of the MoU signed between Hi-Tech Lubricants Limited (PSX: HTL) and SK Enmove Co., HTL has officially begun blending and packaging high-quality synthetic lubricants at its subsidiary's plant under the ZIC brand name.

HTL had previously announced in June 2024 that it signed a MoU with SKEN for the supply of additives, ingredients, and formulas to produce specific high-end synthetic lubricants.

This partnership was intended to take place at HTL’s subsidiary company, Hi-Tech Blending (Pvt.) Ltd.

The main objective here was to reduce the costs and expenses, including specifically, the duties and taxes as compared to the import of fully blended/ packed lubricant products from South Korea, and improve margins by enabling more competitive pricing according to market competition and trends.

Hence, after receiving necessary additives, ingredients, and formulas from SKEN, HTL is now actively producing high-end lubricants locally, which is expected to enhance its competitiveness and profitability in the market.

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