One of the world’s largest O&G company ExxonMobil is contemplating to set up a lubes blending plant in India. Texas-based Exxon Mobil Corporation transacts its lubricants under label Mobil and for couple of years the company has been expanding footprints in the Indian landscape.
Reportedly, ExxonMobil is gearing to establish a lube blending plant in Raigad, Maharashtra. According to reliable sources, with per year capacity of more than half a million barrels, ExxonMobil wants the lube blending plant to be their largest plant in Asia.
Even though auto sector in India is grappling with economic downturn, the lubricants industry has been nonchalant and is projected to expand at 2%-3% over the next few years. Defying the purported trends in the past half a decade in auto sector in India, Petronas from Malaysia and Repsol from Spain have made inroads in the Indian market, with former launching a lubricant blending plant with the capital of US$ 50 million at Patalganga, Maharashtra. Meanwhile, Repsol forayed in India by making an announcement of a tie up with Gulf Petrochem, a UAE-based company.
Another of ExxonMobil’s executives opined that “India is still an emerging auto sector market†and lubricants growth would be in line with auto and industrial growth. Apparently, personal mobility segment is the largest growth segment for lubricants companies, followed by industrials.
Exxon Mobile has gone a step ahead to expand its penetration in the country by forming tie-ups with different stakeholders. ExxonMobil India LNG Limited, ExxonMobil’s affiliate, inked an MOU with Indian Oil Corporation Ltd. (Indian Oil) in October this year. The tie up will help ExxonMobil expand its liquified natural gas (LNG) industry initiatives in India as both the companies look to leave no stone unturned by providing viable natural gas in the country.
For the uninitiated, ExxonMobil has been rendering natural gas service to India for nearly twenty years now. The Government of India (GoI) plans to augment energy demand emanating from gas by over two-fold by 2030 to 15%.
Source Credits:
https://www.livemint.com/companies/news/exxonmobil-looks-to-set-up-lubes-blending-plant-in-india-11575249403025.html
Saifali Bepari:
Saif currently works as a content writer for CMFE Research, AlgosOnline and a couple of other platforms. A Computer Science graduate who has a zest for writing over coding, commenced his journey in the writing industry as a freelancer. Having had a prior freelance experience, he has tinkered with creative writing, technical writing, blog writing, editing, and copywriting. An ambivert by nature, his hobbies include reading, gymming, and taking long walks. UPDATE: Saif Bepari no longer writes for CMFE Research. Should you have any query related to the content or wish to get in touch with us, please reach out to ‘Akshay Kedari’. or Email - akshay.k@cmferesearch.com
Read More...