Lanka IOC eyes Indonesia lubricant market


Sep 23, 2016 (LBO) -Lanka IOC says they are exploring the option of exporting lubricants to some of the regional countries and hope to enter the Indonesian market soon.

“As of now we are already exporting to the Maldives and are thinking of a few other countries,” Shyam Bohra, managing director Lanka IOC said at the introduction of its “Global Container” packaging for SERVO Lubricants, Thursday.

“We are looking to enter Indonesia by the end of the year.”

Currently there are 13 players in the Sri Lankan market and the total consumption is 49,000 tonne per year.

“We are pleased to introduce the Global Container concept to Sri Lanka. With this we expect a sales growth of 2-3 percent,” Bohra said.

“Our market share is 17 percent at the moment and we are looking at increasing it to 20-25 percent in the next five years.

Lanka IOC blends Servo brand of lubricants at lube blending plant, Trincomalee and is the only private oil company other than the state-owned Ceylon Petroleum Corporation (CPC) that operates over 199 retail petrol/diesel stations in Sri Lanka.