Lanka IOC a prominent figure among Sri Lanka Oil Companies and offering Lube and Engine oil in Sri Lanka, with a vision of exporting lube products, signed an agreement retaining the services of MTI Consulting to carry out a study of the fast emerging Myanmar and Indonesian markets.

Speaking at the occasion Lanka IOC MD Subodh Dakwale said: “One of our strategic pursuits is to increase the exports of Sri Lanka, given our international capabilities in the lube business. Lanka IOC is currently exporting lubricants to neighbouring countries like Maldives and Nepal.

“We witnessed that the emerging markets in the Mekong Valley and South East Asia as prime prospects, and will be looking forward to the benefits of working with MTI, who have impressive credentials across emerging markets.”

MTI consulting has worked 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 is a public listed company in the Colombo Stock Exchange with a turnover of Rs. 60.4 billion for the year 2011-12.

Taken from FT.lk

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The Sri Lankan unit of Indian Oil Corporation plans to expand export markets and has said it will enter the Malaysian and Indonesian lubricant markets.
“Our growth plans have not been limited to the domestic market,” Lanka Indian Oil Corp. Managing Director Subodh Dakwale said.

LIOC has done a study on entering export markets with its premium lubricants and is currently testing the markets of Indonesia and Malaysia with the appointment of a small number of distributors for Lanka IOC lubricants.

“Plans for exporting lubricants will be unrolled during the year to test the markets of Indonesia and Malaysia,” Dakwale told shareholders in the company’s annual report.

“Although I do not anticipate significant revenue contributions from market development initiatives over the short term, I believe export markets will open up new revenue opportunities over the longer term.”  (Colombo/August 25 2015)