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UAE-based Gulf Petrochem Group has today announced that India-listed lubricant company, Sah Petroleums, has been renamed GP Petroleums Ltd.

Gulf Petrochem acquired 72.23 percent of Sah Petroleums on July 31, 2014. Then, on October 10, an open offer was made for the remaining 26 percent, representing 13,255,940 equity shares at a price of Rs 15.70 per share.

"We aspire to make Gulf Petrochem Group a global conglomerate operating in the oil space and have an integrated portfolio to fit. This acquisition fits our strategy and also helps us extend our capabilities to manufacture, supply and globally distribute a wider variety of products. The Indian market is very important to us and GP Petroleums Ltd will help us expand our footprint in this ever growing economy," commented managing director Sudhir Goyel in a statement.

Newly named GP Petroleums is amongst the leading lubricant players in India. It specializes in industrial lubricants, automotive lubricants, process oils, transformer oils, greases and other specialties under the brand name IPOL.

"We are delighted with the name change and are happy to have this business as part of our portfolio. It now allows us to cater to the market segment we want to operate in while capitalizing on GP Petroleums Ltd marketing resources. It puts us in a better position to grow," remarked executive director S Thangapandian

Gulf Petrochem Group's business activities are divided into six divisions: refining, storage terminals, trading and bunkering, bitumen, lubricants and grease manufacturing, shipping and logistics.

Separately, Gulf Petrochem Group recently commissioned the first phase of its liquid cargo storage terminal at Pipavav Port, India. The first phase has a capacity of 110,000 kilolitres (KL) and the second phase is to have a capacity of 140,000 KL.