KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has set its sights on India’s energy sector to leverage on the country’s liquefied natural gas (LNG), consumer products and clean energy demands to fuel its growth.
India is the world’s fastest-growing economy and fourth largest LNG market in the world.
President and chief executive officer Datuk Wan Zulkiflee Wan Ariffin said Petronas is in the midst of enhancing its business strategy to expand its presence there.
“Petronas aims to continue to be part of India’s exciting journey and support its sustainable growth ambitions and commitments through further collaborations with our existing partners as well as through new strategic-fit opportunities,” he said in a statement today.
Wan Zulkiflee, who is currently on Petronas’ annual official visit to meet with India’s industry leaders and partners, said high on Petronas’ priority would be the expansion of its liquefied natural gas (LNG) supply in India to help meet the rising demands from the power, agriculture and transportation sectors.
"Leveraging on its long history and sterling reputation in the global LNG business, Petronas has the added advantage to provide tailor-made solutions across the LNG value chain such as flexibility, engineering expertise and experience in operations management.
"With over 30 mtpa supply capacity, Petronas is currently the third largest LNG player globally. It hopes to further contribute to the energy needs of India, which is the fourth largest LNG market in the world," Petronas said.
To date, Petronas has delivered 15 LNG cargoes to India and recently delivered the first cargo produced from its floating LNG production facility, the first such facility in the world, to India.
The national oil company's subsidiary Petronas Lubricants International (PLI), is investing US$150 million over the next five years.
This will include the building of a US$50 million lubricant blending plant with a 110 million-litre capacity in Patalganga, to be completed by March next year.