ExxonMobil buy Indonesia’s largest lubricant manufacturer

ExxonMobil to buy Indonesia’s largest lubricant manufacturer

4:51 AM, 30th April 2018
ExxonMobil logo

IRVING, US: ExxonMobil Corporation has agreed to purchase PT Federal Karyatama (FKT), one of Indonesia’s largest manufacturers and marketers of motorcycle lubricants, to enable expansion in an important international market.

The acquisition includes the Federal oil brand and a 700,000 barrel per year blending plant in Cilegon, Indonesia. ExxonMobil will acquire 100 percent interest in the company from PT Mitra Pinasthika Mustika Tbk and its affiliate. ExxonMobil expects the transaction to close in the third quarter of 2018.

“Asia Pacific is one of the fastest growing lubricants markets in the world. This acquisition, combined with our existing premium Mobil lubricant brand, will help us continue to grow and better serve customers in Indonesia. The knowledge and experience of FKT employees and distributors will play a key role in achieving that objective,” said Bryan Milton, president of ExxonMobil Fuels & Lubricants Company.

“Driven by strong economic development and an expanding middle class, Asia is expected to represent 70 percent of global lubricant demand growth over the next decade. We continue to make strategic investments across our lubricant value chain to ensure ExxonMobil is well positioned to meet increasing global lubricant demand,” added Nigel Searle, senior vice president of ExxonMobil Lubricants.

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