KUALA LUMPUR - Malaysia's state energy firm Petroliam Nasional Berhad, or Petronas, will invest $150 million in India over the next five years to strengthen its lubricants business, the company said on Thursday.
The investment includes a $50 million lubricant blending plant that will be completed by the first quarter of 2018, Petronas said in a statement.
"We are aiming to triple our market share in India's lubricant market by 2022," CEO Wan Zulkiflee Wan Ariffin said.
The Malaysian firm is keen on more collaborations in India with current and existing partners, he said, adding that Petronas was looking to sell more liquefied natural gas (LNG) in India.
Petronas, the world's third biggest LNG supplier, has been trying to tap new markets for LNG at a time when global supply has exceeded demand. A company official had earlier flagged South Asia as an area of significant growth potential.
(Reporting by A. Ananthalakshmi; Editing by Vyas Mohan)