SINGAPORE - Chinese energy and chemical giant Sinopec opened its first lubricant manufacturing plant outside China in Tuas on Thursday.
The company has invested about 650 million yuan (S$136 million) in the lubricant production facility, which will also serve as its Asia-Pacific hub for logistics and service.
The new plant, a key part of Sinopec's global expansion plans, is to better serve customers across Asia, particularly South-east Asia, Australia and New Zealand.
The plant is expected to employ between 140 and 150 people.
Sinopec Lubricant Singapore general manager Pei Wenjun said that in the next two years, the firm is aiming for bumper growth rates of between 40 per cent and 50 per cent annually.
"We'll slow down after that but we'll try to maintain this growth rate. I can't give specific numbers but I expect to grow faster than our competitors," said Mr Pei at a media briefing where he spoke through an interpreter.
Over 60 per cent of the jump in global petrochemical demand by 2020 is set to come from Asia, the firm said, citing a recent research report on the global petrochemical industry, by management consultant Roland Berger.
The local facility is in response to the rising Asian demand and is an important part of the company's global expansion plans.