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By M.P. Muttiah

Lanka IOC Ltd Director and Indian Oil Corporation Ltd. Executive Director (Lubes), S. K. Swaminathan told the Sunday Observer that Lanka IOC has 34 percent market share in the retail fuel sales and 12 percent in lubricants.

Swaminathan said that for growth of sales, Lanka IOC has drawn up plans in the near future. In the area of lubricants it plans to set up a modern lube-blending plant in Trincomalee with a capacity of 18,000 metric tonnes per annum at a cost of Rs. 500 million. This plant would initially produce a blend of engine oil lubricants, gear oil and certain hydraulic oils to meet the requirements in the Sri Lankan market.

He said that Lanka IOC also would increase the tankage requirements because lubricants are marketed in various packages ranging from half a litre to 200 litre drums. These packages will be obtained from Sri Lanka as far as possible.

This will also give a fillip to local industrial activities. "Lanka IOC is also planning to bring modern and the latest technology marine lubricants to meet the requirements of the marine industry.

The big tankers, Servo products, are one of the six branded products which had been approved by manufacturers. This will give a fillip to the Sri Lankan market where a product of Servo can be used in the marine industry," he said.

He said that Lanka IOC would open more retail outlets to take products closer to consumers in the cities, towns and fishing areas. In Trincomalee, where Lanka IOC had taken over the China Bay tank farm, old tanks had been modified to make them operational.

Lanka IOC had invested in setting up a tank-lorry loading base, fitting the floating roof on the petrol tanks with safety equipment.

Swaminathan said that the floating roof tank in petrol storage would help in reducing the operational losses in petrol and thereby save the company's expenditure as well as minimise pollution, he said.

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