LIOC to upgrade Trinco oil facility in Sri Lanka

Lanka IOC PLC is contemplating an investment of around US$50 to 60 million to upgrade their oil terminal facility in Trincomalee. Managing Director of Lanka IOC, Subodh Dakwale, said that they want to primarily refurbish 30 tanks. “We are looking at doing this [in] phases starting [the] end of this year and [we] would reinvest our own funds and also look at a partner for this,” he said.
Dakwale said that they are also looking to locally manufacture the newly introduced Servo Futura lubricant, which is currently being imported from Dubai. “We introduced four products and Lanka IOC is in a position to locally manufacture the Servo product offered for diesel vehicles.”
He said that they are looking at manufacturing Servo Futura D in a few months and they would also look at exporting it to other countries in the region including Indonesia.
The launch of the Servo Futura range of lubricants marks a distinct technological milestone in the 40-year history of the brand.
Speaking further, he said Servo Futura meets the latest international specifications of the American Petroleum Institute, Volvo, and Mercedes Benz, in addition to the latest European specifications. “With the launch of Servo Futura, Synth Lanka IOC now joins the select brands of premium global lubricants that offer fully synthetic engine oils.”
The top-end product, Servo Futura Synth, is a 100% synthetic premium lubricant that is formulated from poly alpha olefins. Servo Futura Synth meets the most advanced performance level standards of APISN, with 5W-50 viscometrics ensuring improved mileage and excellent engine performance. The product offers outstanding protection to engines and enhanced engine life through its effective anti-wear capabilities.
Servo has more than a 40% share in the Indian market of approximately 1.4 million metric tons. The market is served by more than 40 lubricant companies which include all of the world’s leading brands, but Servo is fast becoming Sri Lanka’s preferred choice of lubricants, he said. Today, Servo is the second largest selling brand in Sri Lanka.
“Being a market leader, we have a keen eye on the ever changing dynamics of the market. Rising oil prices and the ever growing demand for environment protection has resulted in the industry seeking energy efficient and less polluting engines,” said Dakwale.
Lanka IOC PLC is the overseas venture of Indian Oil Corp., a Fortune 500 company.
(May 6, 2013)