Chevron plans to expand local and regional presence


May 04, 2016 (LBO) – Chevron Lubricants Lanka said that they have no immediate plans to go to new markets but will focus on growing local and regional presence, a senior official said.

“Plans are to grow in the local and two export markets,” Kishu Gomes, chief executive of Chevron said.

“Bangladesh is a huge market about three times that of Sri Lanka so that is what we are talking about. Male is also new and although smaller market. But we want to grow this too.”

He said that the company had no plans at the moment to enter new markets.

“We are only looking at the existing markets but if we see any good opportunities we will look at them.”

“Sri Lanka’s 55 million litre lubricant market was estimated to have grown marginally in 2015 and slow growth was expected in 2016.”

The company rang the opening bell to commence trading at the Colombo Stock Exchange (CSE) on Tuesday.

Gomes said they are proud about what they have been able to deliver to shareholders.

“We focus on creating shareholder value by managing the performance of the organization and by taking a day-to-day approach to compliance and conformance,”

“Listing on the CSE has created a need for transparency, a need that has benefited us when building a corporate brand both locally and internationally.”

He added that they are pleased with how they have created value for both the market and the country.

“We believe that liquidity of our share market capitalization will improve further with the implementation of the recently announced share split.”