INDUSTRIAL_REPORT_ON_LUBRICANT_BUSINESS (2)

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INDUSTRIAL REPORT
ON
LUBRICANT BUSINESS IN BANGLADESH: “A STUDY ON
LUB-RREF (BANGALADESH) LTD.”
CHITTAGONG,BANGLADESH
Submitted To Submitted By
Dr. Jahangir Alam Md. Sayed Karim
Professor Id: 14303018
Department of Finance Department of Finance
University of Chittagong University of Chittagong
Date of submission November 22, 2019
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Letter of Transmittal
November 24, 2019
Dr.Jahangir Alam
Professor
Department of Finance
Faculty of Business Administration
University of Chittagong
Subject: Submission of Industrial Tour Report.
Respected Sir,
It is my great pleasure to submit the report on “LUBRICANT BUSINESS IN BANGLADESH:
A STUDY ON LUB-RREF LTD.”
It has been a great experience for me to prepare the report. I tried my level best to put meticulous efforts for
the preparation of this report. Any shortcomings or flaw may arise as I am novice in this aspect.
I have tried to make each and every element relevant to my topic and discussed under the context of whatever
I have learned from the course. It would be pleasure for me, if this report is accepted by you.
Thanking your in anticipation
Sincerely Yours
MD. SAYED KARIM
Student ID: 14303018
Session: 2013-2014
Department of Finance
Faculty of Business Administration
University of Chittagong
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Certificate of Approval
This is to certify that MD.SAYED KARIM, ID:14303001 has prepared his Industrial tour report titled on
“LUBRICANT BUSINESS IN BANGLADESH: A STUDY ON LUB-RREF LTD.”under my supervision
and guidance.
I do hereby approve the style and contents of this tour report. This is for the partial fulfillment of his four
years BBA program, major in Finance from University of Chittagong.
I wish his every success in life.
Dr. Jahangir alam
Professor
Department of Finance
Faculty of Business Administration
University of Chittagong
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ACKNOWLEDGEMENT
At the beginning, I am very much grateful to the Almighty Allah for giving me the strength to complete the
report properly. Without divining blessings of my Almighty, it would never be possible for me to complete
Industrial tour and tour report successfully.
A special thanks and gratitude goes to my supervisor Professor Dr. Jahangir Alam. Without his valuable
supervision and directions it would not have been possible to complete this report.
Then I would like to express my heartfelt gratitude to tour management committee and to my respected
teachers for arranging such an important industrial tour.
Then, I express my profound gratitude to MR. MOHAMMED YOUSUF(Managing Director),DR. JAKIR
HOSSAIN ,General Manager (Technical),MR. MOFIJUR RAHAMAN,(CFO) as well as all senior managers
and deputy managers of LUB-RREF (BANGLADESH) LTD. for their constant support, guidance and
supervision on our visit during the tour time.Without their cooperation this this report might have remain
incomplete. This tour really makes student capable of knowing official tasks before entering the corporate
world.
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EXECUTIVE SUMMARY
This report tends to provide information about LUB-RREF (BANGLADESH) LTD. It is one of the leading
business industries of Bangladesh. One of the major organizational goals is to reduce poverty and hunger
through large scale of employment generation. The report focuses on the Operations and management of
LUB-RREF (BANGLADESH) LTD. at Chittagong. LUB-RREF (BANGLADESH) LTD. gives CSR effort
on revolving around the four premises environment, energy preservation, community and people to improve
the quality of livelihood. Moreover, LUB-RREF (BANGLADESH) LTD. strengths and competencies
developed over the years.
The whole report divided into five chapter: Chapter-1: Introduction, objectives, scope of study methodology
and limitation of the study.Chapter-2: Overview of lubricant business in Bangladesh is given which meets our
first specific objective. Chapter-3: Company overview, Vision, Mission, Department and products and
services and CSR of LUB-RREF (BANGLADESH) LTD.Chapter 4: Practical experience of visiting the
company.Chapter -5: Terminates with the Findings, Recommendation, and Conclusion. And References.
I have taken all the reasonable care to ensure the accuracy and quality to make the report standard. And I
believe that it has included all the necessary information to be relevant.
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TABLE OF CONTENTS
CHAPTERS PARTICULARS PAGE NO
Letter of Transmittal
Approval Certificate
Acknowledgement
Executive Summary
Chapter -1 INTRODUCTION 9-11
1.1 Introduction 9
1.2 Objectives of the study 10
1.3 Scope of the Study 10
1.4 Background of the Study 10
1.5 Methodology of the study 10
1.6 Limitation of the study 11
Chapter -2 LUBRICANT BUSINESS IN
BANGLADESH
12-19
2.1 Lubricant mechanisms 12
2.2 Types of lubricants 12
2.3 Market over view 13
2.4 List of lubricant company in Bangladesh 14
2.5 Key market trends 15
2.6 Engine oil market 16
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2.7 Major players of market 17
2.8 Prospect op lubricant market in
Bangladesh
18
2.9 Challenges for lubricant business in
Bangladesh
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Chapter -3 COMPANY OVERVIEW 20-24
3.1Copnany Profile of LUB-RREF
(BANGLADESH) LTD.
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3.2 Vision & Mission 21
3.3 Values 21
3.4 Corporate objectives 22
3.5 Departments of lub-rref(Bangladesh)ltd 22
2.6 Products of the company 22
2.7 Services of the company 24
2.8 Corporate social responsibilities 24
Chapter-4 EXPARIENCE OF VISITING LUB-RREF
(BANGLADESH)LTD.
25-40
4.1 Analytical division 25
4.2 On-site oil testing division 28
4.3 On-site NAS filtering services 29
4.4 Off site transfer oil reclamation services 29
4.5 Plant,machinery and technology 30
4.5.1 Manufacturing process 30
4.5.2 Production flow chart 31
4.5.3 Nano technology 31
4.6 Finance division
(Market share and capital structure)
32
4.7 Sales and marketing division 35
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4.7.1 Marketing policy 35
4.7.2 Marketing strategy 35
4.7.3 Sales strategy 36
4.7.4 Distribution process 37
4.7.5 Supply chain 38
4.8 Competitive advantages 38
4.9 Key users of BNO products 39
Chapter-5: FINDINGS RECOMMENDATIONS 41-42
5.1 Findings 41
5.2 Recommendations 42
5.3Conclusion 42
References
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Chapter-1
INTRODUCTION
1.1. Introduction
Lubricant is a substance which is used to control (more often to reduce) friction and wear of the surfaces in a
contact of the bodies in relative motion . Depending on its nature, lubricants are also used to eliminate heat
and wear debris, supply additives into the contact, transmit power, protect, seal. A lubricant can be in liquid
(oil, water, etc.), solid (graphite, grapheme, molybdenumdisulfide), gaseous (air) or even semisolid (grease)
forms. The liquid lubricants can be classified based on the base oil to synthetic/semi-synthetic, mineral or
environmentally acceptable (biodegradable) oils. Most of the lubricants contain additives (5-30%) to improve
their performance. The application determines which oil, commonly referred to as the base oil, should be used.
In extreme conditions, synthetic oils are typically used. Where the environment is of concern, environmentally
acceptable lubricants must be used. Lubricants market of Bangladesh is a competitive one. The Bangladesh
Lubricants Market is segmented by Product Type (Engine Oil, Transmission and Hydraulic Fluid,
Metalworking Fluid, General Industrial Oil, Gear Oil, Grease, and Other Product Types) and End-user
Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage,
Metallurgy and Metalworking, Chemical Manufacturing, and Other End-user Industries).The lubricant shelves
of overall market have already placed more than 100 brands altogether and the number of brands is increasing
day by day .And the situation is being worsened while so many by name products are taking the different
shelves of different clusters. This market has become more overstated in terms of brand names and local
products. Around 100 million liters, whereas base oil demand around 140 million liters. . However, the base
oil demand of Bangladesh is growing for increasing automotive sector and theagriculture-based economy.
Lubricants consumption in the industrial sector has increased significantly in the last 5 years.
http://www.tribonet.org/wiki/friction/
http://www.tribonet.org/wiki/wear/
http://www.tribonet.org/wiki/wear-particles/
https://en.wikipedia.org/wiki/Molybdenum_disulfide
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1.2. Objective of the Study
Broad Objective:
The main objective of the report is getting an overall idea about the current scenario of lubricant business,
market size and Production Procedures in Bangladesh.
Specific objectives:
There are some specific objectives of this report and these are,
1. To study performance of lub-rref (Bangladesh) ltd.
2. To know the inflow and outflow procedure of materials and finished goods.
3. To know about the Production Process and activities of lub-rref (Bangladesh) ltd.
4. To make some Recommendations to overcome problems of lubricant business in Bangladesh.
1.3 Background of the Study
The Industrial tour is mandatory requirement for the students who are graduating from the Faculty of Business
Administration under the program Bachelor of Business Administration of Chittagong University.
Industrial tour program is designed to put them in a challenging environment of the relevant field, where the
students get sample opportunity to apply their theoretical knowledge into practical applications. During the
industrial tour, students have the opportunity to adopt themselves into the particular environment of the
organization. It provides a unique opportunity to see the reality of business during student life, which enables
them to building confidence and working knowledge in advance of the start of their career.
1.4. Scope of the Study
LUB-RREF (BANGLADESH) LTD. has been running its business. They are hoping to reach in the world
market also. To satisfy their big market they need to maintain a huge and complicated supply chain. And they
are doing that with a great success in a rapid speed. So the Operation procedures of lub-rref (Bangladesh)
ltd.and performance analysis are a great scope of work for me as a subject matter of my study. I tried my best
to know them and compare their practices with my subject that I studied in my BBA program in University of
Chittagong.
1.5. Methodology
Type of Study: In this report I tried to find out the operation procedures of lub-rref (Bangladesh) ltd. It gives
a description about the company. So I used Descriptive Research because it describes the overall
operation,sales,marketing, financial characteristics of lub-rref (Bangladesh) ltd. For this study I collected data
from both Primary and secondary sources.
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Sources of Data:
For primary data I interviewed some employees of lub-rref (Bangladesh) ltd. Observational trials and
participant/non participant observations. So my primary information is based on the experience. My
experiences on visiting at lub-rref (Bangladesh) ltd. also helped me to prepare the report. For secondary
sources of information.website of LUB-RREF (BANGLADESH) LTD. and also took some assistance from
textbooks and internet journals.
1.6. Limitations of the Study
Every report has some limitations. There are several limitations in preparing this report. The main limitations
are followings I found it very difficult to ask question to and getting answer from some of the members of lub-
rref (Bangladesh) ltd.and outside stake holders. In some cases they were reluctant to talk freely regarding the
systems which are followed by operation procedures of lub-rref (Bangladesh) ltd.I found difficult to get some
data as they were confidential and the authority intended to keep them hidden from me which is very logical
from their point of view. Very few secondary data can be collected from Internet as there are few journals
about lub-rref (Bangladesh) ltd.
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Chapter-2
“LUBRICANT BUSINESS IN BANGLADESH”
The entire lubricant industry is possible to observe as few distinct markets as well as segments with various
lubricant oils. In the context of Bangladesh, this industry can be described as a market which contains few
segments like car engine oil, motorcycle oil, truck and heavy duty engine oil, CNG oil and industrial oil, etc.
Another observation can also identify more segments like railway oil, marine oil, and aviation oil; though
these are insignificant compared with other lubricant oil segments. The market of CNG oil is an exponential
one, though the users are mostly using the heavy-duty engine oils for the vehicles. But a few quality lubricant
oils are also available for CNG vehicle. The industrial oil market is a sensitive one, where the use of
recommended oil is required, which is closely supervised by the engineer. The growth of power sectors and
other industries has perked this industrial oil segment up. Customers are quite knowledgeable about the
lubricant brand and quality now. In fact, for consumers, the main source of information arises from peer
suggestions. Retailer suggestions also play a part in affecting the purchase. Retail shop owners recommend
their preferred brand to the customers most of the time. Due to this, customers often purchase brands as
referred by the retailers. The customers of this market don’t want to risk anything happening to their vehicles
for not using high-quality lubricant. The sole distributors always run promotions for the regulars, though it
plays an insignificant part in the purchase decision. Availability of brand doesn’t affect people’s purchase
decision. Rather, it’s dictated by the brand’s popularity. Using these market insights, very newly brands are
taking their entrance in this growing lubricant industry. But the renowned brands like Mobil, BP, Total, Shell,
and Castrol are enjoying their existing market share with strong brand preferences. Moreover, the customers
of this market have a better acceptance of those lubricant brands though many quality products are also
available in this market.
2.1 Lubrication Mechanisms:
All the surfaces in nature are rough, at least microscopically (or even at atomic level). When two rough
surfaces slide against each other (or roll) the asperities of the surfaces come close to each other and interlock,
adhere and generate friction. The goal of any lubrication approach is to separate the rubbing surfaces by a
lubricant layer, which prevents (or at least minimizes) direct contact of the bodies . By choosing appropriate
lubricant, the friction and wear of the materials can be controlled.
2.2 Types of Lubricants:
Lubricants can be classified by their state into following groups:
liquid lubricants: all liquid lubricants, including mineral, natural, synthetic oils, emulsions, etc.
solid lubricants: all lubricants in solid form, including powders, coatings and composites (graphite,
polyethylene, Molybdenum disulfide, etc.)
gaseous lubricants: typically its air, but can be any other gas.
http://www.towardsbiz.com/index.php/2017/04/18/market-insight-lubricant-industry-bangladesh/
http://www.tribonet.org/wiki/friction/
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semisolid lubricants: greases, generally consists of a soap emulsified with mineral or vegetable oil.
Lubricants can also be classified by their main function:
Anti-wear additives (AW): reduces wear by the growth of protective layer on the surfaces (zinc ,phosphate).
Extreme pressure additives (EP): protects the components from seizure by the formation of the coating on
the surfaces (graphite, molybdenum disulfide).
Friction modifiers: used to control friction, typically made of solid particles (graphite, molybdenum disulfide,
tungsten disulfide, etc.).
Corrosion inhibitors: protects the surfaces from the attack of chemically active substances, such as oxygen,
by creating a corrosion resistant layer.
Viscosity Index Improvers: used to prevent or minimize a decrease of the viscosity index of lubricants at
higher temperatures.
2.3 Market Overview
The Bangladesh lubricants market report includes:
Product Type Transmission and Hydraulic Fluid
Metalworking Fluid
General Industrial Oil
Engine OilGear Oil
Grease
Other Product Types
End-user
Industry
Automotive and Other Transportation
Heavy Equipment Power Generation
Food and Beverage
Metallurgy and Metalworking
Other End-user Industries
https://en.wikipedia.org/wiki/Grease_(lubricant)
https://en.wikipedia.org/wiki/Soap
https://en.wikipedia.org/wiki/Emulsion
https://en.wikipedia.org/wiki/Mineral_oil
https://en.wikipedia.org/wiki/Vegetable_oil
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2.4 List of renowned lubricants company in BD:
1. APSCO Bangladesh
2. Basumati Group of Companies
3. City Lub Oil Industries Ltd
4. Corona Group (Lukoil)
5. Gulf Oil Bangladesh Limited
6. Imam Group (FUCHS and Conoco)
7. Lub-rref (Bangladesh) Ltd
8. MJL Bangladesh Limited (Exxon Mobil)
9. Navana Petroleum Limited (Caltex/Chevron)
10. Padma Oil Company Limited
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11. Rahimafrooz Distribution Ltd (Castrol)
12. Ranks Petroleum Ltd (Royal Dutch Shell PLC)
13. Trade Services International (Total)
14. United Lube Oil Limited (Petronas)
2.5 Key Market Trends:
Increasing Construction Activities
 In recent years, the construction activities in Bangladesh are increasing, owing to the growing per
capita income and rising living standard of the consumers in the country. Major economies, like China,
India, Japan, Korea, and the United States are keen to invest in the infrastructure sector of Bangladesh,
owing to its good land to water connectivity, port operations, and other factors leading Bangladesh to be
a strategic location to carry out business.
 As per the World Bank Business report, Bangladesh has improved its ranking in the terms of ease of
doing business in the construction sector (starting a business, holding the minor investors and dealing
with construction permits). According to the report, the whole process to start a new project in
Bangladesh takes around 250 days including pre-planning.
 Bangladesh is the fourth fastest growing economy worldwide, with GDP of Bangladesh experiencing a
continuous rise since the past 5 years. Bangladesh recorded a GDP growth rate of 7.86% in 2018 over
the previous 7.28% in 2017.
 The construction activities accounted for a value of BDT 7,359.5 million in 2017-2018 (~USD 86.93
million), witnessing an increase from BDT 6,659.1 million (~USD78.66 million) in 2016-2017.
 In recent years, the contribution of the construction sector towards the country’s GDP has been rising
at a significant rate. Construction sector’s contribution rose to 7.5% of total GDP in the 2017-2018
fiscal year from 7.36% in the 2016-2017 fiscal year.
 Thus, the growing construction activities in the country are likely to drive the consumption of
lubricants through the forecast period.
Automotive and Other Transportation Segment Expected to Dominate the Market
 Lubricants are used in automotive for various applications, such as engine, brake systems, fuel systems,
transmission manufacturing, steering systems, exhaust systems, and many others. Lubricants in
automotive reduce friction by creating a thin layer or film (clearance) between the moving parts. Shock
absorption during heavy loads and the absorption of contaminants are a few of the various advantages.
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 Lubricants in marine transportation are used to dissipate heat, for reducing friction, and combat wear
and tear between the surfaces of two moving components. Additionally, lubricants help fight corrosion
and rust in the engine, whether its an aviation engine or a wheel burning on a car.
 The automotive industry in Bangladesh is considered as the third largest in South Asia. Bangladesh is
anticipating a rise in the demand for motorized vehicles. Until July 2018, 282,354 vehicles were
registered against the 420,398 vehicles registered in 2017.
 Although the sales of new vehicles have been decreasing in the country for the past three years, the
sales of used cars have increased significantly in the country, thereby driving the demand for automotive
lubricants.
 The automotive industry in Bangladesh is dominated by imports of new vehicles, mostly by Japan,
China, and India on a large scale and a few from Europe and the United States.
 Bangladesh is anticipating a growth in the aviation market, with the 170 million population increasing
the use of the aerial route for traveling, owing to the growing middle-class income. Due to this, air
travel is increasing in the country, which in turn is leading to the market growth for aviation lubricants.
 The demand for engine oils will keep rising with the increasing automotive vehicles, which in turn will
increase the market for lubricants in Bangladesh.
2.6 Engine oil market grows on high demand:
The market for engine oils, known as lubricants, is growing rapidly, driven by an increasing number of motor
vehicles in Bangladesh.
Of the Tk 1,000 crore lubricant retail market in 2009, the automobile industry consumed 77 percent, while the
manufacturing sector consumed the rest, market data shows.
A study by Mobil Jamuna Ltd, a leader in engine oil blending and sales in Bangladesh, has projected lubricant
consumption at 62,600 tonnes for 2010. Such consumption was over 60,000 tonnes in 2009 and 58,300 tonnes
in 2007.
The study shows the engine oil market, which grows at 3 to 3.5 percent a year, has more potential to grow as
thousands of new motor vehicles are plying the roads every year. World demand for lubricants is forecasted to
advance 2.3 percent a year to 41.7 million tonnes in 2010.
However, a disruption in manufacturing and industrial activity because of the energy crunch has reduced the
potential for further growth of the product.
“Engine oil consumption could easily grow by 5 to 6 percent annually, if there was a constant supply of gas
and electricity,” Sanaul Haque, chief executive officer of Mobil Jamuna, told The Daily Star yesterday.
Mobil Jamuna, a joint venture of state-owned Jamuna Oil Company and Mobil Asia Pacific, set up its own
blending plant in 2003 to blend and market quality lubricants for the growing Bangladeshi market. The
company imports all ingredients, including base oil and additives to make lubricants.
Mobil Jamuna is also the first Bangladeshi company that is exporting lubricants. It exports to countries like
Nepal and Bhutan. The company has exported lube oil worth more than $ 450,000 to Nepal in 2009. The
export target for this year has been set at a million dollars.
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Engine oil, also known as motor oil, is a liquid product used to lubricate various types of internal combustion
engines, such as automobile and industrial engines. It is also used in marine, agricultural, train and aeroplane
engines. The key function of the oil is to lubricate and clean the moving parts of machines or engines. It also
prevents corrosion and rust and keeps the engines cool by carrying away the heat from the sliding parts.
The lubricant business in Bangladesh in the private sector is less than a decade-old. Until 2000, only the state-
owned oil companies were allowed to import, blend and distribute lubricants here. At that time, majority lube
oils (65 percent) contained no additives.
The government liberalised the market and banned non-additised lubricants in 2001, to ensure minimum
standards. Since then, more than 50 brands of lubricants, including renowned multinationals, have entered the
market. But half a dozen brands account for nearly 50 percent of the total business.
Mobil Jamuna's brand, Mobil, is by far the market leader with a 26 percent stake worth Tk 350 crore, followed
by BP with 11 percent, Total 6 percent, Shell 2 percent and Castrol 2 percent. The rest 53 percent is
dominated by low quality, low cost brands.
According to Azam J Chowdhury, chairman of Mobil Jamuna Limited, low-quality engine oil has become a
concern, as it destroys an engine. “The industry needs government intervention to ensure the quality of engine
oils."
A litre of low-quality lubricant costs only Tk 120 to Tk 130, whereas the price of a litre of oil by Bangladesh
Petroleum Corporation is over Tk 150 and a minimum of Tk 240 by Mobil.
“A section ofunscrupulous businessmen import used lubricants from Dubai by mis-declarations and recycle
those for sale at a lower price,” Mobil Jamuna's CEO said.
Source: Daily star,
Wednesday , Octobe r 16 , 2019
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2.7 MAJOR PLAYERS:
Trade Services International (Total)
Ranks Petroleum Limited (Royal Dutch Shell PLC)
Rahimafrooz (Bangladesh) Ltd (BP PLC)
Navana Petroleum Limited (Caltex/Chevron)
MJL Bangladesh Limited (Exxon Mobil)
* Complete list of players covered available in the table of contents below
2.8 Prospects of lubricants market;
 The automotive & other transportation dominated the market in 2018, and it is expected to grow
during the future.
 Growing demand for new motor vehicles is likely to act as an opportunity for lubricant business in
Bangladesh in the future.
 The engine oil market has grown up around 10 to 12% in the last three years because of various
reasons, mostly because of the rise of automobiles and it is raising lubricant business in bd.
 According to the Bangladesh Road Transport Authority (BRTA), the number of registered petrol and
diesel-powered vehicles is 3,663,189 units which is very much helpful for lubricant business
https://www.lubricants.total.com/
http://rkpl.com.bd/
https://estore.rahimafrooz.com/castrol
http://www.navana-petro.com/products_services/
https://www.mjlbl.com/vehicle-care-other-lubricants
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 The number of automotive vehicles has increased by 2.5 times in the last eight years and it is
increasing day by day.
 The demand for engine oils will rise keeping pace with the increasing automotive vehicles, with an
expected 3% yearly growths.
 The overall lubricants demand has increased also for the growth of the power sector, which has created
a special market for industrial lubricants oil.
 The lubricants oil market size for industries has doubled in the last five years due to the establishment
of a number of power plants across the country.
 The demand for industrial oil will continue to rise at least for the next 15 years, as the quick rental
power plants need a huge quantity of lube oil to run.
2.9 Challenges for lubricant business in Bangladesh
Oil is the life blood of engine and just like the blood in human beings. It is required to fulfill different types of
functions of engines and machinery
 Nessesity of re- refining in Bangladesh
 Population density
 Shortage of cultivating land
 Riverine country
 Biggest ship breaking and recycling yard
 Helping global partners like CHEVRON,MI SWACO SANTOS , CAIRN ENERGY
 Develop perennial base oil source
 Challenges and threat :
 Customers are not aware of lubricants
 Adulteration of lubricants
 Low quality product imported from Middle East.
 Wholesalers prefer to sale low quality products due to high profit margin.
 Uneducated workshop mechanics.
 The high price of synthetic lubricants is expected to hinder the growth of the market.
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Chapter-3
COMPANY OVERVIEW:LUB-RREF (BANGLADESH) LTD
3.1. Company Profile:
Lub-rref (Bangladesh) Ltd. an ISO certified professional company always maintains high ethical and
international quality standards. With the total dedication and experience of three & half decade's sound
knowledge & expertise in the field of lubricants and greases, we had been able to launch this ever biggest
lubricating oil blending plant. Now we are marketing our products under 'BNO' Brand.The founder of Lub-
rref (Bangladesh) Ltd. is MR. MOHAMMED YOUSUF who is the managing director of this industry. It is
one of the renowned lubricants industries in Bangladesh.
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Key Management
 Mrs. Rubiya Nahar (Chairman)
 Mr. Mohammed Yousuf (Managing
Director)
 Mr. Md. Salauddin Yousuf (Director)
 Ms. Dr. Israt Jahan (Director)
 Mr. Mohammad Ameer Faisal(Independent
Director)
 Mr. Wahid Uddin Chowdhury (Independent
Director)
 Mr. Dr. Khandakar Zakir Hossain (GM-
Technical)
 Mr. Suhail Ahmed Head of Corporate
Finance Management
 Mr. Md. Mofijur Rahaman, CGIA (Chief
Financial Officer)
 Md. Moshihor Rahman ACS (Company
Secretary & Compliance Officer)
 Dr. Mohammed Saifuddin (Manager, Lab
and R&D)
 Mr. Sajid Aftab (Head of Business
development Lab Division)
 Mr. Naim Siddiqui (AGM, Operation)
 Mr. Mozammel Hossain (DGM, Marketing
and Sales)
 Mr. Bishjit Chowdhury (Civil Engineer)
SOURCE: WWW .LUB-RREF.COM
3.2. Vision and Mission
Vision of LUB-RREF (BANGLADESH) LTD.
To be forerunner in creating a global standard ‘green’ organization in Bangladesh.
Mission of LUB-RREF (BANGLADESH) LTD.
To Provide innovative high performing products and service solutions by adopting modern green technologies
for business growth & sustainability and stakeholders satisfaction.
3.3. VALUES:
WE ARE RACER in our heart! RACER R – We are Resourceful and Responsible A – We are Advanced and
Aggressive C – We are Customer-Centric and Caring E – We are Efficient and Environment-friendly R – We
are Respectful.
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Updated motto of lub-rref ltd :
“we get our hands dirty to keeps others’clean”. we make the the world more greener and better for living.
3.4 CORPORATE OBJECTIVES:
Robust financial growth and strong market share. Focus to become the most trusted ‘Customer centric’
company. Transformation through innovation, restructuring and continuous development; focusing with green
business. Build a strong ‘Brand Image’ transcending local market (beyond border) Sustainable CSR programs
and commitment to People and community development’. Operational Excellence utilizing modern
technology. The objectives have been set in accordance with the values of the organization.
3.5 Departments in LUB-RREF (BANGLADESH) LTD:
There is a structured departmental segregation in LUB-RREF (BANGLADESH) LTD.. The departments that
exist in LUB-RREF (BANGLADESH) LTD. are as follows:
1. Human Resource
2. Administration
3. Accounts
4. Production
5. Mechanical Maintenance
6. Electrical maintenance
7. Transport Division
8. Quality Control
9. Supply Chain
10. Finishing
11. Power Plant
12. Project
13. Procurement
14. Store
15. Marketing Dept. etc.
3.6 PRODUCTS OF l LUB-RREF (BANGLADESH) LTD:
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Lub-rref has established a reputation for unmatched technical support and liaison with customers thus
ensuring correct choice and applications of lubricants. Coupled with trouble-shooting and service planning,
Lub-rref’s initial objectives to become an indispensable part of the industrial mix has been achieved. A very
satisfactory market share has been secured in a relatively short period of operation, Lub-rref’s products are
second to none in the industry and fully supported by technical representatives and engineers.
Automotive
1 BNO Heavy Duty Series
2 Passenger Car Motor Oil (PCMO)
3 Motor Bike Oil
4 Automotive Gear Oil
5 Multi-grade Gear Oil Series
Industrial Product
1 Hydraulic Oil
2 Transformer Oil
3 Air Compressor Series
4 Refrigeration Series
5 Industrial Gear Oil
6 Turbine oil
7 Machine Oil Series
8 Generator oil
Marine Oil Product
1 BNO Power Steering Fluid
2 Marine Diesel Engine Oil
3 Marine TPEO
Specialty Product
BNO grease
24
3.7 SERVICES OF l LUB-RREF (BANGLADESH) LTD
Analytical Division: Oil Analysis
Onsite Transformer Oil Filtration
Onsite NAS Filtration
Used Transformer Oil Reclamation
3.8 Social Responsibility
Lub-rref (Bangladesh) Ltd. is an ISO 9001:2015 Certified Limited Company for manufacturing Lubricants
and allied products. As a part of corporate social responsibilities (CSR) Lub-rref (Bangladesh) Ltd. involved
in the following activities.
• Seminar and motivation on environmental cleaning campaign.
• Cultural program with UCEP.
• Welcome Rally for T-20 World Cup Cricket
• Contribution to Jessore University of Science and Technology for fresher reception program and Seminar on
"Prospects of Mining Engineering in Power and Energy sector in Bangladesh".
• Provide training to the University Students on Industrial applications.
• Provide Practical Training to Bangladesh Marine Academy "on Lubricants Basicsand Lubricants Testing".
• Other activities for the greater interest of the communities.
The Lub-rref (Bangladesh) Ltd. also provided Practical Training to 160 number of cadets of Bangladesh
Marine Academy especially on selection, application, and quality testing of Lubricants and greases in the
marine segment. Besides, Lub-rref (Bangladesh) Ltd. provides important seminars on selection of lubricants,
used oil management for public awareness.
To achieve these objectives, the Management of Lub-rref (Bangladesh) Ltd. has practiced the guideline of
ISO 9001, ISO 14001 and OHSAS 18001 within the company including all level of business dealing. As such
Lub-rref (Bangladesh) Ltd. has established the Environmental policy, Health and Safety policy and Supplier
Sustainability Policy. Under the individual policy, respective department and manpower are engaged to
monitor and fulfill the objective fixed by higher management.
25
Chapter-4
FXPERIENCE OF VISITING OF
LUB-RREF(BANGLADESH) LIMITED COMPAY
Lub-reff ltd. imports base oil and additives to blend lub oil of various formulation to cater to the needs of
automotives and industries they produce about 35 items considering multifarious uses.We have a modern &
fully equipped laboratory, which includes atomic absorption equipment, supports and complements. Contract
work is also undertaken for outside companies.The Company is committed to health, safety and care of the
environment. The blending of lubricants generates no waste.
Production part of lub-rref:
Analytical Division
Onsite Transformer Oil Filtration
Onsite NAS Filtration
Used Transformer Oil Reclamation
4.1 Analytical Division
Oil Analysis
Lub-rref (Bangladesh) Ltd. is the pioneer accredited laboratory for petroleum product testing in Bangladesh as
per ISO/IEC 17025:2005, ensuring global acceptance of its test report.
The Laboratory offers maximum test parameters of Lubricating oil, Transformer oil, Fuel and Grease testing
services, carried by experienced chemists and robotic equipment. Our services will help you to control
contamination of the oil into your equipment through detecting abnormal machine wear & particles.
Continuous monitoring and controlling will prevent machine failure that can be caused by fluid contamination,
wrong oil and additive degradation.
For cross-check of our test accuracy we regularly participate in global ASTM Cross-check Program.
It also offers advice on sampling and if necessary can provide you onsite sampling Service.
Segment of service:
26
1. Power Generation
2. Cement
3. Steel Manufacturing
4. Bunker
5. Transport
6. Textile
7. RMG
8. Other Manufacturing Unit.
BNO Lab Testing Facilities for Lubricating Oil/Transformer Oil/ Fuel Oil (HFO) and Grease
Doc No. R-C/367/01 Laboratory
Rev: 09
S.N Test Parameters/Name Test Rf. No. *Application For:
1 Kinematic Viscosity at 40, 50, 100 °C ASTM D445, ASTM D7042, IP 71, ISO 3104 LO,
TO, FO
2 Viscosity Index ASTM D7042, ASTM D2270 LO, TO
3 Density at 150C, 300C ASTM D7042, ASTM D1298 LO, TO, FO
4 Cold Cranking Simulator(CCS) Viscosity ASTM D5293 LO
5 ASTM Color Value (Automatic) ASTM D1500, ISO 4630 LO, TO
6 TAN (Total Acid Number), Strong Acid ASTM D664 LO, TO
7 TBN (Total Base Number) ASTM D2896 LO, TO
8 Neutralization Number ASTM D974 LO, TO
9 COC Flash Point ASTM D92, IP 36, ISO 2592 LO, TO
10 PMCC Flash Point ASTM D93, IP 34, ISO 2719 LO, TO, FO
11 Pour Point ASTM D97, IP 15, ISO 3015 LO, TO, FO
12 Water Content By Dean-Stark ASTM D95 LO, FO
13 Moisture Content By Karl Fischer ASTM D1533, ASTM D6304 LO, TO
14 Water Separability ASTM D1401, ISO 6614 LO
15 Foam Test For Sequence I, II, III ASTM D892, IP 146 LO
16 Rams Bottom Carbon Residue ASTM D524, IP 14, ISO 4262 LO, TO
27
17 Conradson Carbon Residue ASTM D189 LO, TO
18 Reid Vapor Pressure Test ASTM D323 LO, FO
19 Copper Strip Tarnish Test ASTM D130, IP 154 LO, TO
20 Corrosive Sulfur ASTM D1275 TO
21 Aniline Point Test ASTM D611, IP 2 LO, TO
22 Air Release ASTM D3427 LO
23 Sulphated AshASTM D874 LO, FO
24 Sediment ASTM D1796 LO, TO, FO
25 Soluble Sludge ASTM D1698 TO
26 Sulfur Content (S) ASTM D4951, ASTM D5185 LO, FO
27 Metal Content (Ag, Ca, Fe, Na, K, Si, Zn, Al, Cd, Mg, Ni, Sn, B, Cr, Mn, P, Ti, Ba, Cu, Mo, Pb, V etc.)
By ICP-OES ASTM D4951, ASTM D5185 LO, TO, FO
28 Oxidation Stability ASTM D943, ISO 4263 LO, TO
29 Particle Count, NAS/ISO NAS 1638 and ISO 4406 LO
30 Oxidation, Nitration and Sulfation ASTM E 2412LO
31 Soot Loading ASTM E 2412LO
32 Glycol ContaminationASTM E 2412LO
33 Right Hand Distillation ASTM D86 LO, FO
34 Calorific Value ASTM D4809 FO
35 CCAI (Calculated Carbon Aromaticity Index) Calculated FO
36 Compability Test ASTMD4740 FO
37 Softening Point ASTM D36 G
38 Drop Point ASTM D566 G
39 NLGI /Penetration (Work &Unwork)ASTM D937 G
40 Rolling Stability ASTM D1831 G
41 Oil Separation on storage ASTM D1742 G
42 Loss on Heating of Oil ASTM D6 G
43 Water washout characteristicsASTM D1246 G
44 Evaporation loss of lubricating Grease ASTM D972 G
45 Aging Test IS 3357, IS 12177 TO
46 SK Value IS 335 TO
28
47 Interfacial Surface Tension ASTM D971 TO
48 Break Down Voltage ASTM D877, ASTM D1816, CEI EN 60156, BS EN60156, IEC 156 TO
49 Dielectric Dissipation Factor (tan δ) at 26 0C or 90 0C IEC 247 TO
50 Resistivity (Ohm.cm) at 26 0C or 90 0C IEC 247 TO
51 Dielectric Constant IEC 247 TO
52 Dissolved Gasses (DGA) in Insulating Oil ASTM D3612 TO
53 Furanic Compounds in Insulating OilASTM D5837 TO
54 PCB of Electrical in Insulating Oil ASTM D4059 TO
55 Evaporation Loss by the Noack Method ASTM D5800 LO
56 Shear StabilityASTM D6278 LO
57 Wear Preventive and EP Properties by Four-Ball
Note-1:- Lubricating Oils: LO; Transformer Oil: TO; Fuel Oils (HFO): FO; Grease: G
4.2 On-site oil testing
Demand of on-site oil testing service is growing rapidly among Power Generation Companies to reduce
routine maintenance cost. In order to facilitate the demand, Lub-rref (Bangladesh) Ltd have introduced on site
oil testing service to its customers. A dedicated chemist along with test instrument is rendered as per customer
requirement at nominal service charge.
Services available on-site
 Break Down Voltage test
 Moisture Content (ppm) By Karl Fischer
 Particle Count, NAS/ISO
On-site Transformer Oil Filtration Service
Lub-rref Bangladesh Ltd introduced state of the art “Mobile Transformer oil Filtration System” enabling
transformer oil reconditioning at your door step. The advanced system will not only improve dielectric
strength of your in-service transformer oil rather it will bring up the oil quality to such level which guarantees
longer life. Through this process we remove foreign materials, moisture, dissolved gas and restore pH value.
Pre-requirement
• Simply connect the filtration plant at site with your 120 KW Electricity.
• Connect the flexible hose with your Transformer inlet & outlet.
29
• De-activate & discharge the accumulated electricity in the transformer before connecting with your plant.
Hypothetical Oil Data after Treatment
Sl.no. Parameter Before Process After Process
1 Break Down voltage 20 KV >60KV
2 Moisture Content 50 ppm Below 15 ppm
3 Gas Content 10% by volume 1% by Volume
4 Acidity0.5 KOH/gm of oil 0.08 KOH/gm of oil
4.3 Onsite NAS Filtration Service
Hydraulic and lubrication systems rely on having clean and dry oil to perform reliably and at their best.
However, oil can quickly degrade in reactions with solid particulate, water, oxygen and heat, leading to a
change of composition and viscosity, and the build-up of contaminants. Water or particulate contamination
cause 80% of all hydraulic and lubrication failures. The advantage of oil-cleanup and purification is that it not
only cleans the oil but also extends the life of the equipment.Our NAS filtration system can remove solid
particles and water from your oil. We offer on-site NAS filtration service at your door step for lubricating oil
especially for Turbine Hydraulic system. Throughour long experience it is gathered Turbine oil being highly
Hydrophilic it attracts lot of moisture & Ware metals during high rotation. As such using of Degassing/de
moisturizing/filtration plant is always preferred as to achieve NAS
(National Aerospace Standard)
Features
• Removal of particle contamination, water, oil ageing products and gases
• Mobile and stationary conditioning systems
• Excellent contamination retention capacity
• Low filtration ratings
4.4 Offsite Transformer Oil Reclamation service
In our State of the Art re-refining plant we can re-refine/reclaim used transformer oil through appropriate
process by using modern technology specially those oil which are not suitable for centrifuging and failed to be
improved through centrifuge alone.
The recovery percentage and oil quality depend on the condition of the used oil. But we have observed, it may
vary from 65% to 95% subject to interfacial tension remain above 35 dyne/cm.
4.5. PLANT, MACHINERY AND TECHNOLOGY
30
Lub-rref (Bangladesh) Limited has been using sophisticated machinery and modern technology in order to
produce high quality of Lubricant oil. It helps us to be competitive over our competitors because of our latest
machineries and technology. Lub-rref (Bangladesh) Limited uses the most modern technology in its Blending
plant and Re-refinery Plant.
4.5.1 MANUFACTURING AND DISTRIBUTION PROCESSES
Complete lubricating oil has to face several processes from its manufacturing and distribution
process. During lubricating oil manufacturing, a process flow chart must be needed to complete an
order easily. A process flowchart helps to understand a lubricant manufacturing method that’s given
below:
4.5.2 PRODUCTION FLOW CHART
Base oil Import
•Base oil is Imported from renowned sources and sent to the base stock tanks for storage.
Base stock Storage
•Base stock are taken in for quality check.The products are examined, inspected and quality is reviewed
in order to move on to the next stage of in Line Blending.
31
In Line Blending
•Varieties of Base Stocks and Additives are feed in to the in line Blending Sysstem in measured quantity
to produce desired grade of Lube Oil according to specific formulation.
Finished Products Tank
The blending products are sent to the finished products tank.
Laboratory
•To blended products are sent to the Lab for quality check, which is carried put under the guidelines set by
Approved Authority.
Filling
•The blended lubricants are sent to an automated filling line where lubricants are filled and sealed in various
high quality durable containers.
Storage and delivery
•Packaged lubricants are distributed to various parts of Bangladesh, Awating delivery to customer.
4.5.3 Nano Technology :
BNO Lubricants, a brand name of Lub-rref (Bangladesh) Ltd, has introduced Nynas technology based
transformer oil and Nano Technology lubricants to minimize carbon emission and ensure longevity of
engines.Nano Technology for lubricants help attain fuel efficiency, more power, extend the life of engines and
reduce emissions, and add mileage to end users. Nynas technology based transformer oil is wax-free and has a
good flow at low temperatures and good heat distribution Nynas based Transformer Oil Technology is from
Sweden and Nano Technology in engine oil from Finland for power, automobile and manufacturing Industries.
The technologies were launched yesterday at a seminar on “Environment Friendly and Cost Effective
Technology in Lubricants and Power Sector of Bangladesh” held at Pan Pacific Hotel Sonargaon in the capital.
OBJECTIVES :
 Provide best quality product and services to the customers within their affordability
 Saving environment with the help of refined oil.
 Save every drop of oil
 Energy conservancy for future
 Formation of ROSE foundation
 Harvesting renewable energy
 Re-refining means one step ahead in quality
32
4.6 Finance division:
MARKET SHARE:
TIME PERIOD MARKET SHARE IN %
2019 10
2017 7
2010 4
2006 2
Capital structure:
Mixed financing strategy is used in lub-rref ltd company
Time period Debt Equity
Present accounting year 35% 65%
Start up 70% 30%
Source :CFO of lub-rref ltd
33
Statement of Financial Position
30-Jun-2018
Particulars
Amounts in
Taka
30-Jun-2018
30-Jun-17
1-Jul -16
** Restated
ASSETS
Non-current Assets 3,356,504,608 2,565,717,753 2,306,320,415
Property, Plant and Equipment ** 3,356,504,608 2,565,717,753 2,306,320,415
Current Assets 1,294,612,445 1,276,972,043 790,019,664
Inventories 490,787,134 394,096,791 196,593,883
Receivables 346,224,382 350,533,704 301,640,755
Advances, Deposits & Prepayments 278,687,677 281,759,388 138,523,739
Related Party Current Accounts 48,180,000 176,845,436 141,426,472
Cash and Cash Equivalents 130,733,253 73,736,724 11,834,816
TOTAL ASSETS 4,651,117,053 3,842,689,795 3,096,340,079
SHAREHOLDER'S EQUITY AND LIABILITIES
Shareholders' Equity 2,984,337,610 1,701,171,987 1,143,373,953
Share Capital 1,000,000,000 700,000,000 285,313,480
Share Premium 458,500,000 - -
Revaluation Reserve ** 603,645,902 291,813,636 304,797,679
Retained Earnings** 922,191,708 709,358,351 553,262,794
Non-current Liabilities 996,471,549 1,483,107,160 1,094,342,808
Share Money Deposits - 548,500,000 198,663,582
34
Long-term Loan-non current portion 742,895,373 746,868,483 782,120,023
Lease Liabilities-non current portion 1,459,486 2,185,930 -
Deferred Tax Liability** 252,116,690 185,552,747 113,559,203
Current Liabilities 670,307,894 658,410,648 858,623,318
Long-term Loan-current Portion 78,000,000 78,000,000 78,000,000
Lease Liabilities- current portion 1,147,716 1,147,716 -
Short-term Bank Loan 521,423,550 542,149,034 753,292,674
Provision for Contribution to WPPF 13,590,919 - -
Trade Payables 12,516,851 10,370,086 7,534,990
Liabilities for Income Tax 30,113,234 17,324,466 9,595,053
Liability for Expenses 13,515,624 9,419,347 10,200,601
TOTAL SHAREHOLDERS EQUITY & LIABILITIES 4,651,117,053 3,842,689,795 3,096,340,079
NET ASSET VALUE PER SHARE (NAV) with Re-
Valuation 29.84 24.30 40.07
NET ASSET VALUE PER SHARE (NAV) without Re-
Valuation 23.81 20.13 29.39
35
4.7 Sales and marketing division
4.7.1 Lub-rref(Bangladesh) Limited Marketing Policy :
 Knowledge Sharing by given training and organized seminar for creating awareness
 Commercial advertisement
 Website information
 Using Social Media
 Participating in foreign and local Fair
 Expert sales Team support
 Sponsorship in Sports by given Jersey, Banner, Feston, Bill Board, Social welfare, Commercial AD
through print and digital media, etc.
4.7.2 Marketing strategies of lub-rref Bangladesh limited
36
4.7.3 Sales strategies:
1. Dealer base:
the company uses dealer base strategy to go general public and about 70% of sale of the company is
completed in this way.it is called automatic system.it has 60 dealer all over the country.
2. Industry base:
37
the company uses indusry base strategy for selling to different industry. It sells about 30% of sale to different
industry and it is called door to service or B2B .
STRATEGY % OF TOTAL SALES NO OF DEALER OR INDUSTRY
Dealer base (automatic system) 70 More than 60
Industry base Or B2B 30 30
4.7.4 DISTRIBUTION PROCESS OF LUB-RREF (BANGLADESH) LIMITED:
The distribution process may demonstrate as follows:
38
4.7.5 SUPLLY CHAIN OF LUB-RREF LTD
4.8 Competitive advantage :
 Product benefits
 Service benefits
 National benefits
 Price benefits
39
4.9 KEY USERS OF THE COMPANY’S PRODUCT :
40
4.9 1.INTERNATIAL BUSINESS
Lub-rref already has started export their product in neighbour countries such as
NEPAL
INDIA
MIYANMAR etc.
Source; CEO of lub-rref ltd.
4.9.2 Lub-rref road map for future :
Lub-rref Bangladesh ltd has signed an agreement with Chemical Engineering partners, California, USA to set
up a group 2 plus Base oil refinery from used lubs and refinery by product at Julda at Chittagong across the
river Karnaphuly.
Lub-rref Bangladesh ltd hassigned an agreement with western marine service limited to set up a 100
thousand metric ton storage capacity tank terminal at Julda at Chittagong across the river Karnaphuly.
41
Chapter -5
Findings and recommendation
5.1 Findings:
We have seen what facilities and challenges Lub-rref (Bangladesh) ltd has and these are given below:
Key facilities of Lub-rref ( Bangladesh) ltd
 Production Capacity (15000 MT Per Year) In House Base Oil Preserver.
 Own Base Oil Reserve terminal at Karnaphuli rivers site Chittagong.
 Availability of Products.
 Customized Products.
 Own Transportation for Delivery of Products.
 Automatic controlled Blending Plant.
 World Class laboratories for R&D and Engine oil testing & analysis.
 Fresh Oil, In-Service oil and used Oil analysis for safety of Engine
 NAS (National Aerospace Standard, America) Value Products.
 Challenges of lub-rref (Bangladesh )limited
 Lack of expert
 Legal constraints
 Huge competition
 Disposal of wastage
 Recycling challenges
 Lack of foreign direct investment
 Lack of govt. Subsidy and govt purchase restriction
 Lack of public awareness and marketing advertisement
42
5.2 Recommendations:
Lub-rref (Bangladesh )limited can handle challenges:
I. Adopting modern technology
II. Provide training and motivation to client and employees
III. Ensures product quality as per inspirational standard
IV. Conduct social awareness program
V. Discuss and negotiate with regularity body
VI. Making bridge with global partners
Conclusion:
The lubricant business is on steady state in comparison with other business in Bangladesh .according to
market insider,the annual demand is expected to reach at two lakh tons in the 2019-20 fiscal yearThe annual
consumption has got almost 3% growth which is on par with India but behind China.The demand from the
automotive,construction sector ,industrial machinery and equipment application also accounts for a major
share of total lubricant markets driven by end users sectors.additionally ,industrial sector accounts for 30%of
lubricant consumption.the demand is highest thanks to automotive sector in agro economy like Bangladesh.in-
terms of volume the transportation sector accounts for more than half of total market of lubricant.
So,the government should take care of this sector which may be the great source of employment. The sector
will play a great rule in emerging economy like Bangladesh.
References:
1. WEBSITE OF LUB-RREF LTD
2. CFO AND TECHNICAL MANAGERS PPT
3. DIFFERNT JOURNAL RELATED TO LUBRICANT BUSINESS IN BD.
4. THE DAILY NEWS.
OTHERS:
[1] Essential Concepts of Bearing Technology, Fifth Edition (Rolling Bearing Analysis, Fifth Edtion) 5th
edition by Harris, Tedric A., Kotzalas, Michael N. (2006).
[2] Principles of Tribology, Shizhu Wen, 2017
[3] Some Problems of Lubrication, W. B. Hardy, Nature volume 106, pages 569–572 (30 December 1920),
https://doi.org/10.1038/106569a0.
https://amzn.to/2MwQCSg
https://amzn.to/2TbFHQy
https://doi.org/10.1038/106569a0
43
	2.3 Market Overview
	2.5 Key Market Trends:
	Increasing Construction Activities
	2.6 Engine oil market grows on high demand:
	Key Management
	Automotive
	1 BNO Heavy Duty Series
	2 Passenger Car Motor Oil (PCMO)
	3 Motor Bike Oil
	4 Automotive Gear Oil
	5 Multi-grade Gear Oil Series
	Industrial Product 
	1 Hydraulic Oil
	2 Transformer Oil
	3 Air Compressor Series
	4 Refrigeration Series
	5 Industrial Gear Oil
	6 Turbine oil
	7 Machine Oil Series
	8 Generator oil
	Marine Oil Product
	1 BNO Power Steering Fluid
	2 Marine Diesel Engine Oil
	3 Marine TPEO
	Specialty Product
	BNO grease
	3.7 SERVICES OF l LUB-RREF (BANGLADESH) LTD
	Analytical Division: Oil Analysis
	Onsite Transformer Oil Filtration
	Onsite NAS Filtration
	Used Transformer Oil Reclamation
	3.8 Social Responsibility
	Lub-rref (Bangladesh) Ltd. is an ISO 9001:2015 Cer
	To achieve these objectives, the Management of Lub
	TIME PERIOD
	MARKET SHARE IN %
	2019
	10
	2017
	7
	2010
	4
	2006
	2
	Time period
	Debt
	Equity
	Present accounting year
	35%
	65%
	Start up
	70%
	30%
	The lubricant business is on steady state in compa
	References: