The investment, which will be spread over the next five years, will see construction of a $50m lubricant blending plant with a 110 million-litre capacity in Patalganga.
The construction of the plant is expected to be completed in the first quarter of 2018.
It will be a modern facility in Petronas Lubricants International (PLI’s) global production network with unique capabilities to blend the most complex fluids. A technical service facility that utilises the latest equipment in fluid analytics will also come up at the plant.
Petronas chief executive officer and president Datuk Wan Zulkiflee Wan Ariffin said: “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."
Wan Zulkiflee added that the company's priority would be the expansion of its liquefied natural gas (LNG) supply in India, as there is increased demand from the power, agriculture and transportation sectors.
Currently Petronas is the third largest LNG player globally, with over 30mtpa supply capacity.
Till date, the company has delivered 15 LNG cargoes to India, including the first cargo produced from its floating LNG production facility.
Petronas stated: "PETRONAS’ strategic partnerships in India have also resulted in successful advances in the marketing and trading of crude oil and other petroleum products, petrochemicals, as well as the distribution of lubricants. "
Besides, the company sees growth potential for petrochemicals in India due to increased demand for consumer products. In 2016, India accounted for more than 100,000 tonnes of Petronas’ petrochemicals sales volume.
