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Malaysian Oil Giant Petronas willing to invest in India; looking for LNG terminal space

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.

 


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