NEWARK, Del., Oct. 16 /PRNewswire-FirstCall/ -- Innospec Inc.
, (NASDAQ: IOSP) today announced that its SINAR G-05 fuel additive, co-developed under its exclusive fuel technology partnership with Malaysian petroleum products marketer Petronas Dagangan Bhd., is a key ingredient in the nationally launched PRIMAX 3 gasoline. Chemists and engineers at Petronas' Research and Scientific Services and Innospec Fuel Specialties have worked together since 2003 to develop and extensively test SINAR G-05 worldwide to create a unique gas detergent in PRIMAX 3 that addresses three key performance criteria: improved power, fuel economy and superior engine cleanliness.
"This successful roll-out of our SINAR G-05 additive in one of Malaysia's leading gasoline brands exemplifies Innospec's strategy of innovative leadership and technology partnership in fuel specialties attuned to customer needs across the region," noted Miltos Papachristos, Regional Director, Asia Pacific, Fuel Specialties. "We are confident that our additive will indeed give customers using PRIMAX 3 the power to go the distance."
Over the next two years, Petronas is planning to market actively its new PRIMAX 3 gasoline.
Petronas Dagangan is the largest retailer of petroleum products in Malaysia. Under its present long-term exclusive agreement, Innospec will continue to help the Petronas research team formulate new fuel additive technology products to further grow its market share in the local markets.
"We are very pleased to be partnering in our first fuel development endeavor with an additives technology innovator such as Innospec.
This is just one of several initiatives our company has under way to help us grow retail market share in Malaysia in the years ahead," said the Managing Director of Petronas Dagangan, Mr. Ibrahim Marsidi.
The revolutionary high-performance fuel additive technology for SINAR G-05 has been designed for compatibility with fuels meeting current and future regulations, enabling it to meet environmental regulatory criteria that will be introduced in Malaysia.
Indeed, SINAR G-05 contains a unique combination of components that give PRIMAX 3 superior power, fuel economy, engine cleanliness, fuel clarity and rust protection characteristics. It is retailing for about RM1.92 per liter (US$0.
52 per liter) and is available at all Petronas stations nationwide.
About Innospec Inc.
Innospec Inc.
is an international specialty chemical company with almost 1,000 employees in 23 countries. Innospec divides its operations into three distinct business areas: Fuel Specialties, Performance Chemicals, and Octane Additives. Together, the three businesses manufacture and supply a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific.
Innospec's Fuel Specialties business specializes in manufacturing and supplying the fuel additives that help improve fuel efficiency, boost engine performance and reduce harmful emissions. Innospec's Performance Chemicals business includes a range of companies that manufacture performance chemicals used in the manufacture of such items as personal care products, household detergents and crop protection chemicals as well as in the plastics, paper, metal plating and oil industries. Innospec's Octane Additives business is the world's only producer of tetra ethyl lead.
The management team has a clear strategy in place to ensure the Company maximizes shareholder value from product supply while monitoring and reducing production in line with global demand.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include all statements which address operating performance, events or developments that we expect or anticipate will occur in the future.
Although such statements are believed by management to be reasonable when made, caution should be exercised not to place undue reliance on forward- looking statements, which are subject to certain risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, actual results may differ materially from those expressed or implied by such forward-looking statements and assumptions. Risks, assumptions and uncertainties include, without limitation, changes in the terms of trading with significant customers or gain or loss thereof, the effects of changing government regulations and economic and market conditions, competition and changes in demand and business and legal risks inherent in non-U.
S. activities, including political and economic uncertainty, import and export limitations and market risks related to changes in interest rates and foreign exchange rates, government investigations, material fines or other penalties resulting from the Company's voluntary disclosure to the Office of Foreign Assets Control of the U.S.
Department of the Treasury and other risks, uncertainties and assumptions identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2005 and those identified in the Company's other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.
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