Petronas, the Malaysian government-run energy giant has plans to expand its
liquefied natural gas (LNG) business in India. The company is on the lookout
for stake in a terminal capable of handling its LNG products.
The company currently operates in India's petrochemicals, lubricants and
liquefied petroleum gas (LPG) segments and also supplies crude and LNG to
various companies here.
We are looking at opportunities to invest in the LNG infrastructure in
India and to bring LNG here to meet the increasing demand," a spokesman of
the Malaysian company said. The spokesman however declined to go into specifics
whether they are negotiating with any Indian company for acquiring stakes.
Petronas is also planning to expand its lubricants business in India, for
which it is setting up a manufacturing plant in Patalganga, in southern
Maharashtra at a cost of over three hundred crores. Currently, the company's
market share in this segment is minimal and the aim is to grow by at least
three times in the next five years.
The company will be investing another 100 million US dollars to expand its
lubricants segment. Globally, it is among the top 10 players in terms of market
share in lubricants.
India contributes about 1.5 billion
US dollars to Petronas's annual revenue and the company expects to increase it
manifold. Top executives of the Malaysian company visited Oil companies in
India for a better understanding of the Indian market conditions. They spent a
week for this purpose earlier this month.