ENEOS Motor Oil, one of Japan’s leading oil companies, launched last week its lineup of lubricants for cars and motorcycles, officially entering the Philippine market citing its potential in terms of sales growth.
“The Philippines is one of our strategic target countries for our lubricants business. We see a lot of potential for growth given the large potential market, the country’s positive economic outlook and the good reputation of Japanese brands among Filipinos,” Kazumasa Imai, president of ENEOS Philippines Corp (ENEPH) said in a statement.
The Japanese firm said the initial focus would be on the development of its sales channels in the Philippines, but added that they were also considering plans to set up a blending factory once target sales volumes are achieved.
The Philippine unit, ENEPH, was established back in October 2019, with the business entity now currently employing 28 people including three expatriate officials.
Aside from the Philippines, ENEOS has 27 other overseas locations including those in the United States, China, India, Russia, South Korea, Singapore, Indonesia, Thailand, Vietnam and the United Arab Emirates, among others.
In Japan, the oil company has a 50 percent fuel market share, 40 percent lubricants market share, and a 40 percent hydrogen stations share.
ENEOS said their lubricants were known to deliver exceptional performance, long-term protection and optimize fuel use through continuous innovation with Japan’s leading automakers, race teams and vehicle engineers.
For cars, ENEOS said they offer ultra-modern and environment-friendly fully synthetic motor oils for gasoline and diesel engines.
The oil company also has high-performance, synthetic motor oil products, as well as a highly refined mineral-based motor oil for both gasoline engines and diesel engines.
For motorcycles, ENEOS also has a high-performance fully synthetic motorcycle oil for racing, a synthetic-based motorcycle oil for all types of 4-stroke engines, a synthetic automatic scooter oil and scooter gear oil, as well as a mineral-based motorcycle oil.
In the future, the company also intends to bring its lineup of diesel engine oil products for truck and bus fleet customers in the Philippines, as well as lubricants for electric vehicles.
The electric vehicle segment in the Philippines is projected to reach a market share of 1.68 percent (2,246 units) by the end of 2022.