French firm enters Afghan lubricant market
KABUL: On Saturday, French oil company Elf Aquitaine entered the Afghanistan market in a bid to launch a partnership with a local firm in the lubricant sector.
President of Afghanistan Chamber of Commerce and Industry (ACCI) Atiqullah Nusrat, spoke on the occasion, saying the new investment was a good sign for the struggling economy. The French company, he said, had promised to work in collaboration with “Kifayat Group” to import European quality lubricants or lower grade lubricants which would then be refined in Afghanistan.
Nusrat said that Afghanistan imports lubricants worth $120 million annually. Azarakhsh Hafizi, Chairman of the Oil and Gas Importers Association (OGIA), said Elf Aquitaine would invest $12 million in Afghanistan. The company would engage some 2,500 oil tankers and establish scores of oil changing units, he added.
The company also expressed interest in working on future oil exploration, Hafizi said.
Haji Abdul Wahab, President of “Kifayat Group” declared that partnership with the French firm would prove beneficial in protecting the environment form hazardous lubricants. He added that hundreds of new jobs would also be created.
The business community highlighted the importance of political stability for the growth of economy.(Pajhwok)