Despite slow GDP growth, high-quality lubes demand is increasing
Pushing high-end lubes Image: Sinopec |
The Tianjin arm of Sinopec has seen strong January sales, especially in high-end lubricants products. Overall sales grew 17% year-on-year, with demand for quality lubes growing by 12% during the same period. Greases also grew 10% during the same period.
Sinopec, Asia's largest refiner and the world's fourth largest company by revenue, has focused on the research and development of innovative and responsive products that also meet local standards, especially as increasingly stringent lubricants regulations have outmoded many old, profitable lubes lines.
Sales staff have also been educated on the benefits of using high-end lubricants products, which managers believe has also been a contributing factor to the growth.
Despite being the beneficiary of numerous free trade and special investment zones, Tianjin has lowered it's GDP forecast for 2015 after missing key growth targets in 2014.