Lanka IOC is moving closer to entering the Indonesian lubricant market. After exploring opportunities on the sprawling archipelago for the past year, the Sri Lankan company now anticipates beginning to export to Indonesia by the end of 2016, a spokesman confirmed today.
The plans were first reported last week by Lanka Business Online.
A subsidiary of India public sector utility Indian Oil Corp. Ltd., Lanka IOC is the largest lubricant supplier in Sri Lanka with a 17 percent market share. The company has been trying to grow its lubricant business both by increasing sales domestically and by finding new export markets.
Lanka IOC is one of three companies licensed to manufacture lubricants on Sri Lanka and one of 13 marketers licensed to sell lubes there.
According to the Lanka Business Online article, Lanka IOC recently began exporting to the Maldives. Indonesia would offer much greater sales opportunity as it is one of the 15 largest lubricant markets in the world.