ExxonMobil plans to set up lubes blending plant
09 December 2019
Exxon Mobil Corporation, the oil and gas company, plans to set up a lubes blending plant in India, according to two executives aware of the development.
ExxonMobil sells its lubricants under the brand name Mobil and has been present in the Indian market for a few years now. "ExxonMobil is planning to set up a lube blending plant in Khopoli in Raigad, Maharashtra. The company wants this facility to be one of its largest in Asia with over 500,000 barrels per year capacity," said an official aware of the development.
In an emailed response the company said, "As a matter of practice, we do not comment on market rumors and speculation. ExxonMobil continuously evaluates its global portfolio of businesses and opportunities for growth, restructuring, acquisition or divestment, depending upon fit with its overall strategic business objectives."
With energy efficiency improvements, the global energy demand growth will decline by around 25% over the next 20 years. Thus emerging markets of non-OECD (Organisation for Economic Co-operation and Development) nations will account for essentially all energy demand growth, led by economies in the Asia Pacific region, such as China and India.
In its annual report for the year 2018, the company said, "ExxonMobil is the market leader in high-value synthetic lubricants. Synthetics growth to meet global demand for higher-performance products remains a strategic priority and includes significant investments in growing markets, such as China, India, and Indonesia."
"Exxon's India facility will be a sophisticated one. The company is currently doing safety and environment study," the second executive quoted above said.