Petronas to invest $150 million in Indian lubricants sector
The Dollar Business Bureau
Malaysia's Petronas or Petroliam Nasional Berhad, is likely to invest $150 million in India's lubricants market for the next five years to strengthen its position in the Indian market, a company release said on Thursday.
The Malaysian firm's investment includes a $50 million lubricant blending plant that is likely to start functioning in the first quarter of 2018, Petronas said in the statement.
"We are aiming to triple our market share in India's lubricant market by 2022," CEO Wan Zulkiflee Wan Ariffin said.
The Malaysian firm is keen to add more collaborations in India with current and existing partners, Wan Ariffin said, adding that Petronas was looking to sell more liquefied natural gas (LNG) in India.
Petronas, the world's third biggest LNG supplier, has been trying to tap new markets for LNG at a time when global supply has exceeded demand. A company official had earlier flagged South Asia as an area of significant growth potential.