India’s robust growth trajectory and thriving demand for consumer products as well as clean energy to fuel its growth plans have put Malaysia’s national oil company PETRONAS in a unique position to support India’s future aspirations, the company said.
“PETRONAS, which has more than two decades of strategic partnerships in India, is enhancing its business strategy to strengthen and expand its presence in the world’s fastest-growing economy,” said President and Group CEO Datuk Wan Zulkiflee Wan Ariffin.
“PETRONAS aims to continue to be part of India’s exciting journey and support its sustainable growth ambitions and commitments through further collaborations with our existing partners as well as through new strategic-fit opportunities,” he said.
Wan Zulkiflee, who is currently on PETRONAS’ annual official visit to meet with India’s industry leaders and partners, said that high on PETRONAS’ priority would be the expansion of its liquefied natural gas (LNG) supply in India to help meet the rising demands from the power, agriculture and transportation sectors.
Leveraging on its long history and 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 more than 30 metric tonnes per annum (mtpa) 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 delivered 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.
To strengthen PETRONAS’ lubricants business in India, subsidiary PETRONAS Lubricants International (PLI), is investing USD150 million over the next five years. The investment includes the building of a USD50 million lubricant blending plant with a 110 million-litre capacity in Patalganga, to be completed by the first quarter of 2018.
The lube blending 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 utilises the latest equipment in fluid analytics.
“We are aiming to triple our market share in India’s lubricant market by 2022. Globally, we are among the top 10 lubricants players by market share, and striving to eventually be among the top five in five years,” said Wan Zulkiflee.