MALAYSIA: PETRONAS BANKS ON INDIA’S GROWTH, INVESTS RM643 MLN OVER 5 YEARS
KUALA LUMPUR, Malaysia– Petronas Libricants International (PLI), a subsidiary of national oil company, Petroliam Nasional Bhd (Petronas), is investing US$150 million (RM643 million) over the next five years in India to strengthen its lubricants business.
In a statement today, Petronas Group Chief Executive Officer, Wan Zulkiflee Wan Ariffin, said the investment included the building of a US$50 million (RM214 million) lubricants blending plant with a 110 million-litre capacity in Patalganga, Maharashtra, a state in the western region of India.
The plant would be completed by the first quarter of 2018, he said.
We aim to triple our market share in India’s lubricants market by 2022. Globally, we are among the top 10 lubricants players by market share and strive to eventually be among the top five in five years, he said.
Wan Zulkiflee, who is also the President, said the investment was also in line with the Indian government’s ‘Make in India’ transformation initiative.
He said the plant was set to be the most modern facility in PLI’s global production network with unique capabilities to blend the most complex fluids.
It is also equipped with a technical service facility that uses the latest equipment in fluid analytics.
We aim to triple our market share in India’s lubricants market by 2022. Globally, we are among the top 10 lubricants players by market share, and strive to eventually be among the top five in five years, said Wan Zulkiflee, who is currently on Petronas’ annual official visit to meet with India’s industry leaders and partners.
PLI also has a reliable network of multiple original equipment manufacturer partnerships, notably with Tata Motors, Fiat, New Holland, Doosan, Case Construction, Maruti Suzuki India, Piaggio and Bharat Benz for branded and co-branded lubricants.
Wan Zulkiflee said he was extremely encouraged by the growth and performance of Petronas’ liquefied petroleum gas (LPG) joint-venture with Indian Oil Corp Ltd which currently owned LPG bottling terminals in Haldia, West Bengal and in Ennore, Tamil Nadu.
He said it was keen on expansion of its liquefied natural gas (LNG) supply in India to help meet the rising demand from the power, agriculture and transportation sectors.
Leveraging on its long history and sterling reputation in the global LNG business, Petronas has the added advantage to provide tailor-made solutions across the LNG value chain such as flexibility, engineering expertise and experience in operations management.
With over 30 million metric tonne per annum (MMTPA) supply capacity, Petronas is currently the third largest LNG player globally. It hopes to further contribute to the energy needs of India, which is the fourth largest LNG market in the world.
To-date, Petronas has delivered 15 LNG cargoes to India.
Recently, Petronas took pride in delivering to India the first cargo produced from its floating LNG production facility, the first such facility in the world, he said.
Petronas’ strategic partnerships in India have also resulted in successful advances in the marketing and trading of crude oil and other petroleum products, petrochemicals, as well as the distribution of lubricants.
He said Petronas also saw growth in demand for petrochemicals in India � especially with the growing affluence that will see the increased demand for consumer products. In 2016, India made up over 100,000 tonnes of Petronas’ petrochemicals sales volume.
During this official visit, Petronas also commemorated a three-year agreement between its wholly-owned unit, Petronas Chemicals Group, and Reliance Industries Ltd for the supply of up to 120,000 tonnes of paraxylene.
I look forward to see more collaborations fostered between Petronas and our counterparts in India, to pave the way for a stronger cooperation for the mutual benefits, he said.
Source: NAM NEWS NETWORK