Hi-Tech Lubricants Limited (PSX: HTL) has started blending specific international quality/high-end synthetic lubricant products under the renowned brand name ZIC at the Plant site of its wholly owned subsidiary company M/S Hi-Tech Blending (Pvt.) Ltd. on November 27, 2024.
This comes after HTL’s earlier intimation dated June 28, 2024, about the signing of a Memorandum of Understanding (MoU) by and between HTL and its principal supplier and pioneer in Korean lubricant market M/S SK Enmove Co. Ltd., South Korea, (SKEN).
This will help reduce the costs and expenses, including specifically, the duties and taxes as compared to the import of fully blended/ packed lubricant products from South Korea, and improve margins by enabling more competitive pricing according to market competition and trends.
The principal activity of the Company is to procure and distribute lubricants and petroleum products.