"The company has been planning to foray into the Indian market for the last few months. A market study conducted by Conoco revealed that there is a huge market for industrial lubricants in the country," sources told The Financial Express.

The company has already applied to the Foreign Investment Promotion Board (FIPB) to commence operations in India.

The company will foray into automobile lubricants at a later stage. To meet the demands of the retail consumer, Conoco recently introduced a new convenience store concept called "breakplace" internationally. The company is also planning to introduce this concept in the country later.

Sources said petroleum-based industrial lubricants has been a very important segment for Conoco worldwide: "Industries require special products and skilled service. The ability to fulfill customers' needs in times of quiet or crisis helps make Cross Petroleum Service a special kind of operation. Conoco's skill in anticipating and serving customer needs, has helped it build long-term partnerships with its industrial customers. Conoco's looking forward to do the same in India." "With more stringent industry regulations, Conoco understand the need for proper products and integrity. International quality products will be brought into the country, " sources added.

The company deals with requirements such as viscosity, rust and oxidation, operating temperature and washability. Conoco has specialised lubricants for special needs. According to sources, the company has upgraded its portfolio, reduced costs and increased market reach across the world.

Besides its upstream performance, Conoco has created a strong portfolio of worldwide refining assets, processing low-cost feedstocks and producing high-value products, such as specialty petroleum cokes and lubricants. The company's products include Power-D Engine Oil, Super All Season AW Hydraulic, EP Gear Oil, Diamond Class Compressor, Multi-Purpose R&O and Diamond Class Turbine and synthetics. Conoco will be introducing its new Hydroclear Diamond Class Turbine Oil in the country. The company considers it a major step in its strategy to target the power-generation market.