Texaco Press Release - Texaco and Somepi Form Lubricants Joint Venture in Morocco
FOR IMMEDIATE RELEASE: THURSDAY, MARCH 1, 2001.
CASABLANCA, MOROCCO, March 1, 2001 - Texaco and Somepi Group today announced the formation of a joint venture company to manufacture and market lubricants in Morocco. The new company, Somepi Texaco Lubrifiants, begins operating today.
The joint venture company continues to market Somepi-branded lubricants and will also sell Texaco-branded lubricants, produced at Somepi's blending plant near Casablanca. The lubricant blending plant and storage facilities will be included in the new company.
Commenting on the agreement, Scott Brown, President of Texaco Global Products said, "The creation of this joint venture is an important step for us and is yet another boost to Texaco's growth in the global lubricants market. The combination of Somepi's local marketing expertise and Texaco's first-class technology will give the company a competitive edge. We plan to deliver a wider product range and develop into new lubricant business areas."
Mustapha Amhal, President and Chief Executive Officer, Somepi Group, said, "Somepi is delighted to be joining with Texaco. Together, we will form a strong presence in the Moroccan market. The addition of Texaco-branded lubricant technologies, with their full range of industrial products, will enhance the product range of the new company and allow further market penetration."
The Somepi Group, an independent Moroccan company, is involved in energy distribution and transportation, metal and plastic manufacturing and international finance. The fuel and lubricants division of Somepi currently manages a chain of 146 service stations in Morocco, holding a 10 percent share of the fuel market, as well as supplying Somepi-branded lubricants to a number of customers and distributors. Somepi-branded lubricants account for approximately 12 percent of the local market, primarily in the automotive and commercial sector.
Updated: March 2001