KUALA LUMPUR — August 10, 2017: Petronas Libricants International (PLI) is investing US$150 million (RM643 million) over the next five years in India to strengthen its business.
This includes building a blending plant with a 110 million-litre capacity in Patalganga, Maharashtra, a state in the western region. Work is expected to be completed by the first quarter of next year.
“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 Petronas Group Chief Executive Officer/President Datuk Wan Zulkiflee Wan Ariffin, who is on a visit to India.
He described the investment as being in line with India’s ‘Make in India’ transformation initiative.
The plant is 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.
PLI also has a 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 joint-venture with Indian Oil Corp. Ltd. which currently owned LPG bottling terminals in West Bengal and Tamil Nadu.
He said Petronas is keen on expanding its liquefied natural gas 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 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.
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.
The national oil company 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. — Bernama