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China Launches Largest Lubricating Oil Company
The PetroChina Lubricating Oil Company, the largest national lubricating oil producer and supplier, was established December 19.
The company, a subsidiary of the domestic oil giant, the China National Oil and Natural Gas Corporation, manages manufacturers and a marketing and service network covering all parts of the country. It supplies more than 60 percent of lubricating oil to the Chinese market.
Ren Chuanjun, vice-president of the China National Oil and Natural Gas Corporation, said that with China's forthcoming accession to the WTO, its lubricating oil industry badly needs to enhance its competitive edge on the global market.
He added that the establishment of the PetroChina Lubricating Oil Company, is designed to bring its overall advantage into full play by optimizing the distribution of resources.
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