LIOC to explore Myanmar, Indonesia for lube exports

Lanka Indian Oil Company PLC (LIOC) is exploring the possibilities of exporting lubricants from Sri Lanka to Myanmar and Indonesia, the company said in a statement.

Lanka IOC, with a view to exporting lube products from Sri Lanka, has retained the services of MTI Consulting to carry out a study of the fast emerging Myanmar and Indonesian markets.

Speaking at the signing of the agreement, Subodh Dakwale, MD of Lanka IOC commented "One of our strategic pursuits is develop exports from Sri Lanka, given our international capabilities in the lube business. Lanka IOC is currently exporting lubricants to neighbouring countries like Maldives and Nepal.

"We  see emerging markets in the Mekong Valley and South East Asia as prime prospects."

MTI Consulting has  worked on assignments across emerging markets in Asian, Middle East and African regions, which includes projects carried for multi-national and regional companies in  Algeria, Bangladesh, Cambodia, Egypt, Indonesia, Jordon, Iran, Iraq, Lebanon, Myanmar, Nigeria, Pakistan, Philippines and Syria

Lanka IOC PLC is a public listed company in the Colombo Stock Exchange with a turnover of  Rs. 60.4 billion for the year 2011-12.

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