New Delhi, Oct 13 (PTI) State-owned Hindustan PetroleumCorporation Ltd (HPCL) has started selling lubricants inMyanmar as part of broader plans of Indian retailers to play abigger role in the south-east Asian nation's oil and gassector.
"Having achieved the number one position in the domesticmarket, HP Lubricants sought to prove itself in foreign shoreby venturing into Myanmar," the company said in a statement.
HPCL is the first Indian oil company to have startedmarketing lubes in Myanmar and has chosen commercial hubs ofYangon and Mandalay.
India is pushing for supplying fuel to Myanmar to meetrising demand. Following the lifting of sanctions, Myanmar islooking at foreign companies to cater to fuel andinfrastructure requirements arising out of a dramatic surge inconsumption.
Its three ageing state-owned refineries with a combinedcapacity of around 2.5 million tonnes are runningsubstantially below capacity and are able to meet only a partof the fuel requirement.
Indian oil companies see an opportunity in this and havebeen exploring supply of petroleum products, LPG, wax andpetrochemicals.
While Indian Oil Corporation (IOC) is studying options offuel retailing in Myanmar, Bharat Petroleum Corp Ltd's (BPCL)Numaligarh refinery is keen to supply diesel to the country.
Oil Minister Dharmendra Pradhan in late February visitedMyanmar to explore opportunities there to supply refined oilproducts as well as highlight interest of Indian upstreamcompanies to take part in the forthcoming bidding in Myanmar'soil and gas blocks. PTI ANZ ADIARD.
This is unedited, unformatted feed from the Press Trust of India wire.