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Lukoil Marine Lubricants was recently named the winner in the 'technical innovation' category at the annual SeaTrade Maritime Awards ceremony, held in Dubai.

The company was recognized for its contribution to the development of lubricants for the needs of the maritime industry. In particular, Lukoil developed a new series of biodegradable synthetic oils, which are said to meet the most strict modern requirements and safety standards. The company also introduced iCOlube - an intelligent cylinder oil lubrication system - in September.

Lukoil currently claims to have an 8.5 percent share of the global marine lubricants market. "Every twelfth sea ship uses Lukoil lubes," the company says.

Lukoil Marine Lubricants - a subsidiary of Russian oil giant Lukoil - was founded in 2007 as a standalone sales and marketing business focussing on the production and sales of marine lubricants worldwide. The company supplies lubricants in more than 900 ports in 74 countries.

The cruise liner Queeen Mary 2 and the container ships Borzan and MSC Oscar are three vessels that Lukoil says use its maritime oils.