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Thursday, February 29, 2024

Leading Japanese Oil Giant Makes Big Splash in Local Market

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Eneos Corporation, Japan’s leading oil company, is making a significant impact on the local automotive scene with its top-notch lubricants designed for motorcycles and cars. Kazumasa Imai, President of Eneos Philippines Corporation (Eneph), highlighted this achievement during our recent meeting, joined by the new marketing officer, Rea Atienza, and our mutual friend, Luigi Avancena.

Established in 1988, Eneos remains Japan’s largest oil company, commanding over 50 percent of its oil market. With a global network of overseas locations, including the Philippines, where Eneos initiated motorcycle lubricant sales, the company has a prominent presence in 27 other locations worldwide. In Japan, Eneos boasts a 50 percent fuel market share, 40 percent lubricants market share, and a 40 percent hydrogen stations share.

Imai expressed the Philippines’ positive reception, attributing Eneos’ success to the seamless integration of their products into the flourishing motorcycle industry. Starting with a single distributor in 2020, Eneos achieved impressive sales of P220 million. Within just one year, sales skyrocketed by 240 percent, reaching P530 million in 2021. Imai, with three decades of experience at Eneos, noted the Filipinos’ enthusiastic embrace of their proven and quality products, complemented by the introduction of several new lubricants.

The momentum continued in 2022, with sales reaching a remarkable P720 million, marking a 330 percent increase. Anticipating a robust year ahead, Imai, who enjoys golf and cooking Filipino cuisine, estimates a potential P820 million by the end of the current year—an impressive 370 percent increase—thanks to the addition of seven distributors nationwide.

Emulating their successful approach in Japan, Imai replicated partnerships with renowned 2-wheel racing personalities, including Superbike champion Jacq Buncio, who recently joined as Eneos’ brand ambassador. Notably, Eneos expanded its product line to include lubricants for 4-wheel vehicles, introducing diesel engine oil and 5 PCMO mineral products.

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Eneos’ lubricants for cars, featuring ultra-modern, eco-friendly, high-performance, fully synthetic motor oils for both gasoline and diesel engines, have witnessed strong sales. Viewing the Philippines as a strategic target, Imai envisions significant growth given the large market, positive economic outlook, and the favorable reputation of Japanese brands among Filipinos.

Looking ahead, Eneos plans to introduce additional diesel engine oils for truck and bus fleet customers and venture into the electric vehicle segment, projected to reach a 1.68 percent market share in the Philippines by the end of 2022. Eneos aims to capitalize on this growth opportunity and further strengthen its position in the dynamic lubricants market.

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