KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) is accelerating efforts to strengthen its business footprint in India by providing more innovative, tailor-made solutions that add value to the country’s energy aspirations.
With more than 20 years of strategic partnerships covering six business segments in India, the national oil company continues to support India’s aspiration to grow sustainably by pushing the boundaries of its expertise and technological advancements.
“Petronas is on track to build an effective business ecosystem in India to better serve our customers and stakeholders in this important market,” Petronas Energy (India) Private Limited chairman Rizan Ismail said in a statement during an annual official visit to meet customers and partners in Mumbai.
Over the years, India has grown in leaps and bounds driven by rapid urbanisation and the rising middle-class, he said.
By 2030, the country will be home to seven megacities and see higher demands for energy, power and consumer goods.
In the past two decades, Petronas has made significant headways in enhancing its portfolio in India across the value chain, covering crude oil trading, liquified petroleum gas, petrochemical, lubricants, liquified natural gas and more recently, renewables.
Following the setup of a New Energy business unit, Petronas, made its maiden foray into the renewable energy business in April 2019 with the acquisition of Amplus Energy Solutions Pte Ltd (Amplus) – a leading distributed energy solutions provider and developer that serves major customers across India, with a cumulative capacity of 600MW in operation and under development.
“The acquisition is in alignment with our aspiration to provide clean energy options that enrich people’s lives. Ultimately, we want to be known in India as a trusted partner and the leading provider of clean, cost-effective and sustainable solutions,” said Rizan.
Meanwhile, Petronas’ lubricant business in India saw continued progress with the commencement of commercial operations for the company’s lubricant blending plant in Patalganga, Maharashtra.
With a production capacity of 97,000 mtpa, it enables the company to achieve its distribution network expansion to 35,000 outlets from the current 12,000 outlets across the country, by 2021.
In addition, Petronas’ LNG business in the country is expected to expand further as it explores potential opportunities throughout the gas value chain, reflecting its commitment to support the India government’s aspiration of having natural gas achieve 15 per cent of the country’s total energy mix by 2030, by co-creating the gas market.