Malaysia's Petronas to invest $150 MM to boost India lubricants biz
KUALA LUMPUR (Reuters) — Malaysia's state energy firm Petroliam Nasional Berhad, or Petronas, will invest $150 MM in India over the next five years to strengthen its lubricants business, the company said on Thursday.
The investment includes a $50 MM 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 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.
Reporting by A. Ananthalakshmi; Editing by Vyas Mohan
The ongoing development of shale gas resources in the US has spurred infrastructure construction for both natural gas processing capacity and LNG export terminals.
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The New LNG Imperative
The shale gas boom established the US as the world’s leading natural gas producer and is responsible for billions of dollars of investments in the US gas processing industry. Since 2012, the US has witnessed unprecedented growth in new gas processing capacity and infrastructure. This rise is due to greater production of domestic shale gas, which is providing cheap, available feedstock to fuel the domestic gas processing, LNG and petrochemical industries. New gas processing projects include the construction of billions of cubic feet per day of new cryogenic and gas processing capacity, NGL fractionators, multi-billion-dollar pipeline infrastructure projects, and the development of millions of tons per year of new LNG export terminal construction. Attend this webcast to hear from Lee Nichols, Editor/Associate Publisher, Hydrocarbon Processing, Scott Allgood, Director-Data Services, Energy Web Atlas and Peregrine Bush, Senior Cartographic Editor, Petroleum Economist as they discuss the future of LNG and the application of Energy Web Atlas, a web-based GIS platform which allows users to track real-time information for every LNG project.
November 29, 2017 10am CST