Malaysia’s Deputy Prime Minister, Ahmed Zahid Hamidi, who is in Sri Lanka for a two-day visit, led the ground breaking ceremony of Hyrax Oil Sdn Bhd’s lubricant blending plant in Muthurajawela, about 25 minutes from Colombo city center, on Thursday.
Hyrax Oil is investing USD 30 million in a four-million-litre-per-month lubricant blending plant, under a build, operate and transfer (BOT) agreement with state-owned Ceylon Petroleum Corp. (CPC) Hyrax will produce lubricants for CPC for a term of 20 years.
Headquartered in Kuala Lumpur, Malaysia, Hyrax Oil Sdn Bhd was established in 1991. From its beginning as a supplier of transformer oil, Hyrax Oil has progressed rapidly to become a global player in the manufacture of transformer oil and other petroleum derivatives. Hyrax Oil has achieved significant growth since its inception, with 70% of its revenue derived outside of Malaysia.
The visit of the Malaysian deputy prime minister is also envisaged to expand and increase cooperation in the spheres of political, economic, trade, defense and tourism sectors between the two countries.
The two countries established diplomatic ties in 1957.