Malaysia’s Petronas to invest $150 mn to boost India lubricants business

By: | Published: August 10, 2017 5:02 PM

Malaysia's state energy firm Petroliam Nasional Berhad, or Petronas, will invest $150 million in India.

malaysia state energy, malaysia energy firm, Petroliam Nasional Berhad, Petronas, energy firm investment, Malaysia state energy firm, lubricants business, Malaysia lubricants business, lubricant blending plant, CEO Wan Zulkiflee Wan Ariffin, Wan Zulkiflee Wan Ariffin, biggest LNG supplier, LNG supplier, liquefied natural gas, South AsiaMalaysia’s state energy firm Petroliam Nasional Berhad, or Petronas, will invest 0 million in India. (Photo: Reuters)

Malaysia’s state energy firm Petroliam Nasional Berhad, or Petronas, will invest $150 million in India over the next five years to strengthen its lubricants business, the company said on Thursday. The investment includes a $50 million lubricant blending plant that will be completed by the first quarter of 2018, Petronas said in a statement. “We are aiming to triple our market share in India’s lubricant market by 2022,” CEO Wan Zulkiflee Wan Ariffin said. The Malaysian firm is keen on more collaborations in India with current and existing partners, he said, adding that Petronas was looking to sell more liquefied natural gas (LNG) in India.

Petronas, the world’s third biggest LNG supplier, has been trying to tap new markets for LNG at a time when global supply has exceeded demand. A company official had earlier flagged South Asia as an area of significant growth potential.

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