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 its 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, currently on the company’s annual official visit to meet with India’s industry leaders and partners, said 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.
As currently being the third largest LNG player globally, the company said that 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 took pride in delivering 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, its subsidiary 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-litre capacity in Patalganga, to be completed by Q1 of 2018.
Wan Zulkiflee said this investment was also in line with the Indian government’s “Make in India” transformation initiative.
The plant is set to be the most modern facility in PLI’s global production network with unique capabilities to blend the most complex fluids.
“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.
Wan Zulkiflee further noted that he was extremely encouraged by the growth and performance of Petronas’ LPG joint venture with Indian Oil Corporation Ltd which currently owns LPG bottling terminals in Haldia, West Bengal and in Ennore, Tamil Nadu.