HTL Inks MoU With South Korean Supplier for High-End Synthetic Lubricants

Hi-Tech Lubricants Limited (PSX: HTL) has signed a Memorandum of Understanding (MOU) with its principal supplier M/S SK Enmove Co. Limited (SKEN-South Korea) for the supply of quality/high-end synthetic lubricant products under the brand name ZIC at the plant site of its wholly owned subsidiary company M/S Hi-Tech Blending (Private) Limited. “The blending of such international quality/high-end synthetic lubricant products under the renowned brand name ZIC in Pakistan will help reduce costs and expenses, including specifically, the duties and taxes as compared to the import of fully blended/packed lubricant products from South Korea, and thus HTL will be able to improve its margins by enabling more competitive pricing according to market competition and trends,” HTL informed the main bourse on Friday. “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 reliably supply high-quality products to 50 regions worldwide,” the filing said. HTL said this also allows it to fulfill regional demands of international customers of SKEN through the export of such lubricant products.