Uzbekistan oil and gas company of SANEG announced the purchase of CGC Lubricants Italy, the Italian manufacturer of automotive and industrial oils and lubricants.
While, CGC Lubricants Italy has also entered into a strategic cooperation agreement with SEG Motol, a subsidiary of SANEG, a manufacturer of technical oils in Uzbekistan.
CGC Lubricants Italy has a production plant in Bari with 19 employees, as well as a commercial office in Rome with 11 employees.
Following the deal, CGC Lubricants Italy was renamed to SANEG Oil Italy.
“The merger of the two companies will not only expand SANEG’s presence in the European market, but also enhance its stance as a technological leader in the lubricants industry in Uzbekistan and Central Asia,” Bakhtiyor Fazylov, Chairman of the Board of SANEG.
“The company's Bari plant has an accredited research and development laboratory that is constantly innovating and developing a wide range of new lubricants. This experience will be applied at the Fergana SANEG oil refinery. Advanced technologies and know-how of SANEG Oil Italy will allow us to increase the production of lubricants in Uzbekistan,” said Tulkin Yusupov, General Director of SANEG.
The report also noted that SANEG would gain a significant share in the Italian and European lubricants market thanks to access to an extensive distribution network in Italy, France, Spain and Portugal, where up to 26 thousand tons of products are supplied annually, in turn CGC Lubricants Italy will act as a strategic supplier of high-tech products for the Federal Refinery, “thus ensuring uninterrupted supplies to the market of Uzbekistan and beyond.”
Key parameters of the agreement include the exchange of experience in the field of formulations and technologies, as well as the receipt of European safety certificates for base oils produced by the Federal Refinery.
Earlier SANEG bought the Fergana oil refinery from the state for $100 million in 2022. The company also made commitments to modernize the Refinery Plant for $380 million, increase production capacity, and more.
