Sri Lanka IOC unit to enter Malaysia, Indonesia lubricant markets
ECONOMYNEXT – The Sri Lankan unit of Indian Oil Corporation plans to expand export markets and has said it will enter the Malaysian and Indonesian lubricant markets.
“Our growth plans have not been limited to the domestic market,” Lanka Indian Oil Corp. Managing Director Subodh Dakwale said.
LIOC has done a study on entering export markets with its premium lubricants and is currently testing the markets of Indonesia and Malaysia with the appointment of a small number of distributors for Lanka IOC lubricants.
“Plans for exporting lubricants will be unrolled during the year to test the markets of Indonesia and Malaysia,” Dakwale told shareholders in the company’s annual report.
“Although I do not anticipate significant revenue contributions from market development initiatives over the short term, I believe export markets will open up new revenue opportunities over the longer term.” (Colombo/August 25 2015)