Malaysia’s Petronas looking to invest in LNG infrastructure in India: CEO
Mumbai: Malaysia’s state-run petroleum company Petroliam Nasional Bhd (Petronas) is scouting for a stake in India’s liquified natural gas (LNG) terminals, group chief executive officer Datuk Wan Zulkiflee Wan Ariffin said.
Petronas already operates in India’s petrochemicals, lubricants and liquified petroleum gas (LPG) segments.
“We are looking at opportunities to invest in the LNG infrastructure in India and to bring LNG here to meet the increasing demand,” said Ariffin at a press briefing in Mumbai.
He did not specify if Petronas is in talks with any Indian companies for buying a stake.
India is the fourth-largest LNG market in the world.
Leading LNG terminal operators in India are Shell Hazir Gas Private Ltd and Petronet LNG.
India contributes $1.5 billion to Petronas’s $50 billion revenue and the company expects that number to go up.
The company plans to invest $150 million in its lubricants facility in Patalganga, Maharashtra over the next five years.
“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,” said Ariffin.