Chinese major partners with Caterpillar and CASIC to produce niche lubes
In a bid to increase its offering of more advanced lubrication products, the China National Petroleum Corporation has penned a series of strategic agreements in the off-highway, construction and aerospace sectors.
CNPC and Caterpillar are joining forces to work on "business globalisation, products and services, sharing of knowledge and best practices", as well as "equipment manufacturing and remanufacturing, circular economy, and sustainable development" with a view to creating a win-win, where each company plays to its strengths and creates mutually beneficial opportunities.
Despite showing some signs of a slowdown, and indeed pessimistic rumblings from Caterpillar itself, China's developing construction industry is still seen as a potential growth area for off-highway lubes and equipment producers alike.
Meanwhile, the state-owned major has also entered into a strategic co-operation framework with the China Aerospace Science and Industry Corporation (CASIC) in Beijing.
The agreement will see the two entities work together on technical equipment, IT, energy conservation and environmental protection in order to facilitate business development between the two companies.