Bharat Petroleum Corp enters lubricant market

by Jayampathy Jayasinghe

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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.