Panama Petrochem Ltd was incorporated on 9 March 1982. The Company manufactures speciality petroleum products under the brand name "PANOL", for diverse user industries like printing, textiles, rubber, Pharmaceuticals, cosmetics, power and various industrial oils. It has manufacturing facilities at five plants namely, Ankleshwar (Gujarat), Daman (Union Territory) and Marol (Mumbai), Taloja (Raigadh, Maharashtra) and Dahej (Bharuch, Gujarat). The Company is one of the leading manufacturers and exporters for various kinds of Petroleum specialties. The Company`s diverse range of products include Mineral Oils, Liquid Paraffins, Transformer Oils, Petroleum Jellies, Ink Oils and Other Petroleum Specialty Products. It manufactures petroleum speciality products like agricultural spray oil, dewatering fluid, white oil, transformer oil and liquid paraffin (I P).
In Jan.`95, the company came out with a public issue to expand the capacity by nearly four times and to add value added products like liquid paraffin heavy (I P), petroleum jelly and greases.
The company has a technical collaboration with Lubcon Lubricant Consult, Germany, for developing and marketing new products. In 1995-96, the company introduced petroleum sulphonate and other speciality oils.
During 2000-01,turnover of the company has registered a growth of 57% over the previous year,as the figures were stood at Rs.42.60 crores as against Rs.27.27 crores in the previous year.
The Daman plant commenced production from December 2003. The Company got into an agreement with PETRONAS, a Malaysian giant, in January, 2006, for marketing the Automotive Lubricants in Western India. New manufacturing plant at Taloja commenced operations from June, 2007.
During FY 2008-09, the Hon`ble High Court of Gujarat and Bombay, vide its order dated 14th November, 2008 approved the Scheme of Arrangement for De-merger of Securities Investment Business of Mobil Petrochem Pvt Ltd into Ittefaq Ice and Cold Storage Co. Pvt. Ltd; and Amalgamation of Mobil Petrochem Pvt. Ltd. (Residual Business) with Panama Petrochem Ltd., which became operative with effect from the Appointed Date i.e. 1st January 2008.
The Construction of Phase I Dahej Plant with a capacity of 30,000 metric tonnes was commissioned in August 2010. Panol Industries RMZ FZE, UAE formed as a wholly owned subsidiary of the Company in 2012-13, had started its business operation during the year 2013-14.