Petronas eyes LNG expansion

Malaysia’s oil giant Petronas is looking for opportunities to expand its LNG business in India and scouting for investment avenues to build LNG infrastructure in India, said Datuk Wan Zulkiflee Wan Ariffi, president and group CEO, Petronas.

“In LNG, there are infrastructure bottlenecks in India and we are keen to invest in infrastructure to connect the unserved markets in India,” said Mr. Wan Zulkiflee. “We may do this in partnership with Indian companies,” he said.

The infrastructure includes pipeline and regasification facilities, he said.

Currently, the company supplies LNG through spot market and is looking for long-term supply contract, he said.

Mr. Wan Zulkiflee is in India to meet key customers. Recently, Petronas flew down its entire entire executive team to India where the top brassbosses spent a week to explore business opportunities in the country and interacted with non-oil firms to get an insight into the digital part of the businesses.

Digital focus

Petronas is focussing on digital to improve efficiency and some Indian firms can help in this front, he said.

Petronas will continue to focus on growing its crude oil business which now contributes to 80% of its $1.5 billion revenue from India.It is tying up with more oil firms to supply crude. he said.The company is investing $150 million in building its lubricant business in India. It is setting up a lubricant blending plant near Mumbai at a cost of $50 million to serve its customers. It will be operational early next year.

The company will manufacture 110 million litre per year. To support its focused growth strategy, the company has appointed a general manager for India who will look after all the businesses and prepare a road map from the office located in New Delhi.

“Considering the growth in India and rising demand from this energy deficit market, we are bullish on this market and are committed to grow our various businesses here,” Mr. Wan Zulkiflee said.

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Printable version | Nov 24, 2021 7:53:03 PM |

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