Yes, it's grease, but it's not for lubrication (much to thick and tackyfor a bike chain)- it's for packaging shelf life. That chain might sit around for god knows how long before it's sold and who wants a pre rusted new chain. On my bikes a new chain goes straight to the parts washer. Then blow it dry with the compressor, install and then lube with appriate chain lube (I really like the new Park chain lube W/ptfe). On customer bikes it's install, shift to the big chain ring, spray a rag (not the chain) with degreaser or brake cleaner and give the rollers and side plates a good wipe down. Do that and you'll be good to go.