The Asiatic Industries Limited was registered as a private Limited company in the year 1949, with the objective of engaging in trading activities primarily in the field of machinery and spare parts imports and indenting thereof.

Subsequently it also ventured into the import and marketing of petroleum products and lubricating oils and gradually became one of the leaders in the import and marketing of lubricating oils. During the end 50s, the government of the then East Pakistan invited applications from private entrepreneurs for granting permission for establishment of lube oil blending plant. Asiatic was amongst the foremost applicants and was eventually granted permission to set-up the plant at the port area of Chittagong.

The plant was set-up in 1964 on joint venture collaboration with ESSO Eastern Inc. USA and The Asiatic Industries Limited. This joint venture company was named as "Standard Asiatic Oil Company Limited"

The founder Chairman of The Asiatic Industries Limited was Late. Mr. Minhajuddin Ahmed