Lanka IOC is aiming to boost exports to South East Asia with an expansion of its distribution network.
The company, a division of the Indian Oil Corporation, is looking to further market penetration of its SERVO branded lubes in overseas markets, after successful development into South East Asia.
The brand has already brought around $118m-worth of export income for the LIOC so far this year and the company is confident of improving on that. Currently, lubes are being exported to Nepal, Mauritius and the Maldives. However, LIOC is now targeting Indonesia, Malaysia, Myanmar and Singapore, amongst others, and is in negotiation with distributors in these countries.
Having already developed a 16% share of the domestic Sri Lankan market, SERVO has seen a 12% growth in sales and has risen to become the second largest lubes brand in the country. Some 60% of product is made locally, with around 90% of packaging being locally sourced.