Lanka IOC to explore overseas lubricants market

Lanka IOC, the Sri Lankan unit of Indian Oil Corp. (IOC), plans to export lubricants to markets like Indonesia and Malaysia, Managing Director Subodh Dakwale said.

“Our growth plans have not been limited to the domestic market,” Dakwale said.

“Plans for exporting lubricants will be unrolled during the year to test the markets of Indonesia and Malaysia,” Dakwale told shareholders in the company’s annual report.

“Although I do not anticipate significant revenue contributions from market development initiatives over the short term, I believe export markets will open up new revenue opportunities over the longer term,” he added. 

Lanka IOC was established in Sri Lanka in 2002. Today Lanka IOC is one of the leading companies in Sri Lanka and is ranked among the top three companies with an annual turnover of more than LKR 80 billion (USD 584 million). The company has an 18% share of Sri Lanka’s fuel distribution market, after state-owned Ceylon Petroleum Corp. In the lubricant market, it is the second largest player, with a 15.8% market share.