Hi-Tech Lubricants Signs MOU with South Korea’s SK Enmove to Enhance Synthetic Lubricant Production in Pakistan

Lahore, Hi-Tech Lubricants Limited (HTL) has entered a significant partnership by signing a Memorandum of Understanding (MOU) on June 27, 2024, with SK Enmove Co. Ltd. (SKEN), a leader in the Korean lubricant market. This agreement aims to procure specific additives, ingredients, and formulas for manufacturing high-quality synthetic lubricants under the ZIC brand at HTL’s Lahore facility, potentially reducing costs and boosting competitiveness in both local and international markets.

According to information available from the Pakistan Stock Exchange (PSX), under the terms of the MOU, HTL will utilize SKEN’s proprietary blends to produce ZIC-branded synthetic lubricants at its subsidiary, Hi-Tech Blending (Pvt.) Ltd. The local production is expected to cut down on duties and taxes incurred from importing finished products from South Korea, allowing HTL to enhance its pricing strategy against market competition.

Additionally, SKEN, which has recently transformed into an Energy Saving Company, is committed to advancing fuel efficiency. The company has expanded its production capabilities by establishing hubs in Europe and Asia and entering joint ventures, enabling the reliable supply of premium lubricant products to over 50 regions globally. This network will support HTL in meeting the demands of SKEN’s international customer base through exports, further solidifying its position in the global market.

A Disclosure Form has also been circulated among the TRE Certificate Holders of the Exchange, detailing this strategic initiative in line with the Securities Act, 2015.