Pertamina?s lube market share fell to 50% last year

State owned oil and gas company PT Pertamina has seen its share in the domestic lubricant oil market falling to around 50 percent last year from 85 percent as competition in the market was getting tighter, Kontan daily reported on Monday.

Company?s vice president for communication Basuki Trikora Putra said the firm was determined to increase the market share to 60 percent this year.

?Last year, our market share was more than 50 percent. We want to increase the share this year,? he said, adding that the firm will establish a subsidiary to especially handle its lubricant business.

Pertamina sells various brands of lubricant oils, including Meditran SX, Mesran Prima Xp and Fastron, to cater the high and low end market.

According to Topindo Atlas Asia, a total of 7 million liters of lube worth Rp 7 trillion (US$= Rp 9150) in 2008. The sales fell to 5 million liters worth Rp 6 trillion last year and are estimated to increase to between 20 percent and 30 percent. (*)