Caltex Sri Lanka eyes Maldivian lubricant market

Chevron Corp.s Sri Lanka unit, Caltex Lubricants, signed a five-year deal with a Maldivian firm in April to expand into the lubricant market in the archipelago. Currently we have approximately 10% of the lubricants market in the Maldives and we estimate an annual growth of around 5%. We plan to further strengthen our position in this market. Kishu Gomes, managing director, said. Gomes says the firm aims to increase its market share to 30% within the next two to three years and that the company hopes to focus on toll blending for local lubricant companies, as well as oil exploration. Caltex Lubricants has a 70% share of Sri Lankas 45,000 kiloliter-per-year or Rs6 billion (US$54.1 million) lubricant market. The firm also has a blending plant in Sri Lanka. (April 21, 2007)