Bharat Petroleum Corp enters lubricant market
by Jayampathy Jayasinghe
[email protected]
Bharat Petroleum Corporation Ltd., one of the giant Indian oil
companies has entered the Sri Lankan lubricant market following the
launch of MAK lubricant products in Colombo last week.
United Motor Company Chairman, Ranjith Fernando said Sri Lanka's
consumption of lubricants per annum was 50,000 million litres.
The lubricant market was dominated by two players that account for 90
per cent of the market share while five small players account for the
balance 10 per cent. "However, we are not going to be another small
player in the market but have great ambitions.
He said the turnover of Bharat Petroleum Corporation was around 27
billion US dollars, more than Sri Lanka's GDP. The company was a public
quoted company with 40 per cent of its shares being held by the private
sector.
It was one of the five Indian oil companies to be listed as the
Fortune 500 companies. TVS company with a dealership of 800 companies
will be made available for distribution of MAK lubricant products in the
country, he said.
TVS Lanka is a joint venture between TVS India and the United Motors
Ltd. The TVS company deals mainly with importation of motorcycles and
spare parts.
Additional Secretary, Ministry of Petroleum Kanthi Wijetunga said 12
players entered the market after the government opened the lubricant
market. "Our intention was to provide quality lubricants to consumers in
the country," she said.
Regional Manager, Bharat Petroleum Corporation Ltd, Southern Region
V. Anand said they were a major player of MAK lubricants in India. Most
products needed for Sri Lanka were manufactured in Chennai and can be
shipped within a day, he said.
The market share of lubricants was around 124,000 metric tons. "We
have 7,800 outlets to sell the lubricants. "Our company was the first to
introduce petrol credit cards for Indian customers," he said.
The Chief Guest, Secretary, Ministry of Petroleum A.P.A. Gunasekera,
TVS General Manager, Brandon Morris and Director Marketing, Bharat
Petroleum Corporation S. Radhakrishnan also spoke. |