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Sri Lanka Equity Forum » Stock Market News » Auto sector dip won’t hit lube market– Kishu Gomes

Auto sector dip won’t hit lube market– Kishu Gomes

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Crystal Koelmeyer

Stock Trader
Dip in vehicle population is not likely to have a considerable blow on the local lubricant market said Chevron Lubricants Lanka PLC (LLUB), Managing Director and CEO, Kishu Gomes. Supporting the above statement, he also said that up to 40 percent of lubes in the market today are consumed by the industrial sector alone.

“Apart from the automobiles, there are a number of other sectors that use lubricants. Like the fisheries industry that had performed well over the years and the agro sector, fast evolving under the due sponsorship of the government”, he noted. Adding to it he also said that, ‘Marine Lubricants’ – used in power generation too are of considerable demand.

With a new blending plant coming up in Sapugaskanda, Gomes mentioned that LLUB is looking forward to further expanding their portfolio by introducing new technology and lubricants within different levels of viscosities to cater to all needs.
“The construction will be completed by mid-July 2014, and it is expected to be completed on schedule” he noted. Adding to it, said that the project is internally funded.

“The extent of the land is 4.5 acres. The land has been cleared and the construction had commenced already. Once the construction is completed, we believe LLUB will grow from strength to strength with better efficiency, capacity and synergy” he remarked.
According to Gomes, despite YoY growth decline from 2011 figure 33.3% to 14.3% in 2012, the company is content with their performance over the past year. “Currently we are looking at exports – likely that we will be further opening up to international market within this financial year” he noted.

Last edited by sriranga on Wed Mar 06, 2013 4:20 pm; edited 1 time in total (Reason for editing : Source included)

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