Malaysia’s state-owned oil and gas company Petronas said it aims to become the number one passenger car engine oil brand in the country by 2019.
“We are targeting to capture at least 30% market share in three or four years’ time,” said Petronas Vice President of Lubricant Business Amir Hamzah Azizan. It plans to do this by strengthening its distribution channel and offering the best products.
He said Petronas is currently second with a market share of 23%.
He added that globally, Petronas plans to almost double lubricant sales from 800 million litres to 1.5 billion litres within five years, primarily by boosting its presence in the Chinese market.
“China was our single largest lubricant market with 140 million litres of motor oil sold last year,” he said. “But this only constitutes about 3% of the market share in China and there is a huge room for improvement,” Amir Hamzah said.
He also said that the newly launched Petronas Syntium with °Cooltech™ should be ready for the export market, particularly its key markets such as Spain, Italy, the United Kingdom, Brazil, Argentina and China, within the next 18 months.