July 18, 2008 (LBO) – Sri Lanka’s diversified Laugfs Holdings has introduced lubricants to the local market, working capture 30 percent share in two years, top officials said. The lubricants were launched through the subsidiary of Laugfs Holdings, Laugfs Lubricants Limited.
“As a fully Sri Lankan company, we are proud to enter a market which is already dominated by international players,” W K H Wegapitiya, chairman, Laugfs Lubricants said.
The company, with an initial investment of 225 million rupees, has introduced lubricants for both diesel and petrol engines.
“We are confident of commanding around 30 percent of the market share of the lubricant industry in less than two years,” Wegapitiya said.
The chain of supermarkets and petroleum depots owned by Laugfs Holdings will be an advantage over other competitors for the sale of the lubricants, Wegapitiya says.
The company also sells Liquefied Petroleum Gas.
Sri Lanka’s lube market has been dominated by Caltex Lubricants Lanka Limited with nearly 72 percent market share.
Lanka Indian Oil Corporation (LIOC) holds a 20 percent of market while the balance eight percent is split between Mobil, Va