Total Oil, a French oil company has entered the Sri Lankan lubricant market but is keeping its options open on the fuel business including refining and marketing in the island, a spokesperson for the firm’s local agent said.
Sanjay Benjamin, General Manager of Navaloka ABC Petroleum (Pvt), local agent for Total Oil, said the firm’s South Asian Regional Vice President (Marketing) R. Ramesh will be visiting Sri Lanka next week to explore the possibilities of further strengthening its oil business in Sri Lanka. He will also review the progress of the Total Oil lubricant business.
Navaloka began marketing the product in May this year and now plans to expand its sales network in Southern and Eastern provinces. He said the company is currently creating a healthy competition for quality lubricants in the West, Kandy and several other areas in a local market dominated by Chevron Texaco, locally known as Caltex Lanka Lubricants. Chevron controls around 80 % of the market with the balance shared by Lanka IOC, Servo, Mobil, Valvoline, British Petroleum/ Castrol and Shell.
Mr. Benjamin said the Total Oil product range includes diesel engine oil, passenger car motor oil, motorcycle engine oil, gear oil and greases. He said currently the total local market value of lubricants and greases is around Rs. 11 billion annually.