Malaysia’s national oil company Petronas is looking for opportunities to invest in India’s LNG infrastructure, Datuk Wan Zulkiflee Wan Ariffin, President and Group CEO, said today.
“The opportunities to invest could be in new re-gasification terminals, pipelines or we might pick up an equity stake in existing infrastructure,” Wan Zulkiflee added. Petronas’ priority, he said, 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.
Currently, sales in India contributes $1.5 billion to Petronas’ overall revenues, about 80 per cent of which comes from the sale of crude oil to Indian Oil Corporation, BPCL and HPCL.
Over the next few years, the company wants to diversify its India portfolio to increase its revenue share from LNG, petrochemicals and lubricants.
The company is currently building a $50-million lubricant blending plant in Patalganga (near Mumbai), and will invest another $100 million to expand its distribution network. The plant is expected to be completed in Q1FY18 and can produce 110 million litres of lubricants annually.
“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.
For the LNG business, the company has sold 15 cargoes to India since 2009. It is now looking to build long-term LNG contracts with buyers, including IOC and GAIL.
With over 30 mtpa supply capacity, Petronas is currently the third largest LNG player globally.
Source: The Hindu Business LinePrevious Next