German oil and additives specialist Liqui Moly has announced that sales have exceeded €500m for the first time. "This means that we have achieved an important milestone for 2017," says CEO Ernst Prost. "And the year isn't over yet."

The latest figures means that Liqui Moly has more than doubled its annual sales over the past eight years.

Growth was partly down to an exceptionally strong November, says the company, with sales hitting a new monthly record of €51.4m. Liqui Moly attributes growth to a strong domestic market in Germany and Austria, along with rising exports – particularly to Russia and China.

Russia is traditionally Liqui Moly's most important export market, but sales have suffered in recent years due to the Crimean crisis, Ukraine crisis, economic crisis and ruble crisis. Sales to Russia have since recovered, says Liqui Moly, and have already exceeded the previous record value before the crises.

In China, sales have grown by more than 50% in the first 11 months of 2017 compared to the same period last year.

Founded in 1957, Liqui Moly develops and produces a range of oils, lubricants and additives for the automotive and marine markets. The company sells its products in more than 120 countries and generated €489m in sales in 2016.