Indonesia's state-owned oil and gas producer, Pertamina, is eyeing Bangladesh as its latest export target.
The Indonesian oil company is shipping some 16,000 litres of branded lubes products to the country, taking Pertamina's export countries to 19 in Asia, Australasia and the Middle East.
Bangladesh has an estimated lubes market of around 70,000 metric tons annually and Pertamina is hoping to cash in on the Bangladeshi government's latest environmental initiative to promote compressed natural gas vehicles. It will be up against stiff competition from the leading global lubes brands as well as domestic products.
Pertamina's drive for overseas sales is moving rapidly, with gross profits from exports in Q1 this year estimated at $4.18bn. As reported in the Lubes Resource Centre in July this year, the Indonesian supplier is also looking to invest $35m in a new production facility outside the country, althought the location is yet to be decided.