The Anglo-Dutch major is betting big on population and vehicle growth in the region
|
Shell planning expansion in Asia Image: Shell |
Royal Dutch Shell plans to accelerate growth in its Asia Pacific lubricants business over the next five years on the back of rising vehicle sales on population growth, according to a senior official in an interview with news agency Reuters.
Executive VP of Shell's global commercial division, Mark Gainsborough, will concentrate on expanding in China and ASEAN countries.
Last year Shell opened a plant in Indonesia and plans to open another in Singapore later on this year.
Shell has already invested heavily in China and recently opened its eighth lubricants facility in Tianjin. Despite the recent slowdown, Gainsborough remains confident of the country's growth potential.
The global oil major faces stiff competition in Asia from both domestic competition and international rivals like Total, who are all vying for growth in the region, especially as demand from their home markets are either flat-lining or declining.