|Petronas strategizes business expansion to capture India’s growth|
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 the republic’s future aspirations.
Wan Zulkiflee, currently on Petronas annual official visit to meet with India’s industry leaders and partners, said high on Petronas priority would be the expansion of its LNG supply in India to help meet the rising demands from the power, agriculture and transportation sectors.
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.
Leveraging on its long history and sterling 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 over 30mtpa 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 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. 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 tonnes of Petronas petrochemicals sales volume.
To strengthen Petronas lubricants business in India, subsidiary Petronas lubricants International (PLI), is investing $150m over the next five years. The investment includes the building of a $50m lubricant blending plant with a 110 million-litre capacity in Patalganga, to be completed by Q1 of 2018.
Wan Zulkiflee stated that 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. It is also equipped with a technical service facility that utilises the latest equipment in fluid analytics.
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