Petronas focuses on expanding presence in Indian LNG market
Malaysian energy giant Petronas is aiming to grab a larger share in India’s liquefied natural gas sector, the company’s president and CEO Wan Zulkiflee Wan Ariffin said on Thursday.
The company is enhancing its business strategy to strengthen and expand its presence in the “world’s fastest growing economy” and a country with a robust growth trajectory.
During his visit to India, Wan Zulkiflee said Petronas will focus on expanding the LNG supply in India to help meet the rising demands from the power, agriculture and transportation sectors.
Petronas plans to provide solutions across the LNG value chain specific for the demand in India, the world’s fourth largest LNG market.
To date, Petronas has delivered 15 LNG cargoes to India, including a cargo from its recently commissioned FLNG Satu, the floating LNG facility located at the Kanowit gas field, offshore Sarawak.
In addition to LNG, Petronas plans to invest in its lubricants business, with $150 million earmarked for various projects over the next five years, including a $50 million lubricant blending plant with a 110 million-litre capacity in Patalganga, to be completed by the first quarter of 2018.