Indian Oil Corporation Ltd. (IOC), one of India’s state-owned integrated oil companies, has set an ambitious target to expand its lubricants presence overseas within the next 10 years, reports The Hindu Business Line.
“Servo is the top lubricant oil brand in India and we are exploring market opportunities North America in two to three years for our lubricant business,” said K.L. Murthy, IndianOil’s executive director for lubricants.
IndianOil remains India’s largest lubricant player, with a 26% market share, since the Indian lubricant market was deregulated in 1992. That is approximately half of its market share prior to deregulation.
IndianOil further plans to increase its presence to 50 countries, from 27 countries currently, within 10 years. It markets its lubricants products mostly within the Gulf Cooperation Council (GCC) and South Asian Association for Regional Cooperation (SAARC) member-countries.
IndianOil has a lube blending capacity of more than 400,000 tonnes per annum, of which 3% is sold overseas. The company said it plans to boost exports to 10% within the next five years.