India’s growth trajectory, demand for consumer products, as well as clean energy to fuel its growth plans, have put PETRONAS in a position to support the republic’s future aspirations. The company has more than 20 years of strategic partnerships in India and is enhancing its business strategy to strengthen and extend its presence in the world’s fastest growing economy.
President and Group CEO, Datuk Wan Zulkiflee Wan Ariffin, stated: “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.”
High on PETRONAS’ priority list is the expansion of its liquefied natural gas (LNG) supply in India to help meet the rising demands from the power, agriculture and transportation sectors. With over 30 million tpy supply capacity, the company is currently the third largest LNG player globally. It hopes to further contribute to the energy needs of India, the fourth largest LNG market in the world.
To date, PETRONAS has delivered 15 LNG cargoes to India. Recently the company delivered the first cargo produced from its floating LNG production facility to India, the first such facility in the world. Its 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.
PETRONAS also sees growth in demand for petrochemicals in India – especially with the growing affluence that will see the increased demand for consumer products. In 2016, India made up over 100 000 t of PETRONAS’ petrochemicals sales volume. To strengthen the company’s lubricants business in India, PETRONAS Lubricants International (PLI), is investing US$150 million over the next five years. The investment includes the building of a US$50 million lubricant blending plant with a 110 million l capacity in Patalganga, to be completed by 1Q18.
This 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.
“I look forward to see more collaborations fostered between PETRONAS and our counterparts in India, to pave the way for a stronger cooperation for the mutual benefits,” he added.
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