Double digit growth expected in Sri Lanka’s lubricant industry

The Sri Lankan lubricant industry is expected to grow significantly in 2012 although the growth momentum it exhibited in early 2011 did not continue till the end of the year. “We anticipate a double-digit growth next year for the industry. It is growing at a slow pace of six to seven percent at present. The high growth will benefit all players where the industry is at the saturated stage,” said Kishu Gomes, Chevron Lubricant Lanka Limited CEO and managing director. “We will introduce new technology and products in keeping with the fundamentals of the technological evolution. The growing vehicle market will provide impetus for the related industries where it will facilitate a vibrant lubricant market,” he added. (December 8, 2011)