Petronas targets India’s lubricants market

MUMBAI, April 4, 2017 – Malaysia’s Petronas will invest USD 150 million in India’s lubricants market, local media reported on Tuesday.

The company’s lubricants arm, Petronas Lubricants International, will build a plant with a capacity of 110 million litres in Patalganga, a suburb of Mumbai, in addition to a technology centre for motorcycle engine oil and branding activity, The Economic Times newspaper reported.

“India can be the engine of global lubricant market growth in future,” Petronas Lubricant International CEO Giuseppe D’Arrigo said in comments.

“India is market for price, but more and more sophistication is taking place, people will look for value in the future and that is where Petronas will play.”

The company currently sells about 30 million litres of lubricants per year in India and targets about 80 million litres by 2020-2021, he added.

The news came a day after Petronas announced it had loaded the world’s first FLNG cargo.

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