Oil companies eye Lanka at StocExpo Asia

StocExpo Asia, one of the world’s leading oil refinery and oil trading conferences began yesterday.

Most of the companies that participated in the event told the Daily News Business that they are willing to invest in Sri Lanka, if the oil exploration activities commence on a positive note.

Due to Asia’s ever increasing energy requirements, storage capacity is set to increase in the coming years, not only countries like China, India, Indonesia but also Singapore and Sri Lanka as well. The event is held at the Suntec Expo Conference Hall in Singapore.

With all this growth potential, what better place than Singapore for StocExpo to be expanding its portfolio of successful exhibitions and conferences in the bulk and liquid storage sector.

This event also brought together terminal operators, and bulk liquid producers from throughout Asia to gain insight into latest developments in the regulatory process, best practices and technological developments affecting the storage of petroleum products and petrochemical.

Most of the stakeholder companies involved in the petroleum and chemical business are now eying Sri Lanka due to the bidding process for oil exploration commencing. Major companies in the industry like Silverwing, Enraf, Oilinmotion, Honeywell, and HMT are represented at the event.

Business Development Manager Enraf, Richard Siereveld said that their company is involved in offering solutions for tank farm management.

They hope to invest in Sri Lanka,if there are opportunities in Sri Lanka.

He said Enraf is involved in the installation of Sri Lanka Ports Authority terminal and storage management activities in Sri Lanka and look for many opportunities where the oil explorations are concerned.

Siereveld said Sri Lanka is an emerging economy in the region and always considered as one of the important markets. Therefore they have many plans to invest in Sri Lanka with the starting of oil and petroleum explorations.

Vice President- Marketing and Sales, DNR Process Solutions Limited Vatsan Menon said that they are looking for opportunities in Sri Lanka. At present it provides integrated solutions for palm oil refineries and one of the terminals in the Colombo Port.

With world demand for petroleum at an all time expansion and enlargement of the regions, refineries and storage facilities is already underway.

The petrochemicals industry in many regions especially in the Middle East is still young and growing and the region benefits from geographical position with Europe to the West and the burgeoning Asian markets to the East.