Category: Industry
Sri Lanka gets Chinese funds for infrastructure development
April 17, 2008 (LBO) – The Chinese government has already allocated over 700 million dollars to build infrastructure in Sri Lanka with talks on for more money to fund expressways, a port and coal power plants, a government official said Thursday. A government delegation that visited China in April was able to secure more funding […]
Ship Arrest
April 17, 2008 9LBO) Sri Lankan shipping authorities have detained a cargo ship in Colombo port for non-compliance with regulations and submission of false documentation, officials said. “The vessel has been detained after our inspectors found certain deficiencies,” said a port official. The authorities had found faulty machinery on board the vessel and that some […]
Pricing Issue
April 16, 2008 (LBO) – Sri Lanka would raise fuel prices before the end of the month after running losses of 7.2 billion rupees in 2008, petroleum minister A H M Fowzie said. Up to April 15, the state-run Ceylon Petroleum Corporation had lost 1,856 million rupees. In March the utility had lost 3,769 million […]
Persian Present
April 16, 2008 (LBO) – Iranian President Mahmoud Ahmadinejad will flag off a billion dollar oil refinery in Sri Lanka, as part of his state visit to the island later this month, officials said. . Sri Lanka’s petroleum minister A H M Fowzie said President Ahmadinejad would lay the foundation stone for the refinery on […]
Sri Lanka lose one-day series to West Indies
GROS-ISLET, St.Lucia, April 16, 2008 (AFP) – West Indies won the three-match One Day International series with Sri Lanka 2-0 after rain washed out the final match at the Beausejour Stadium here Tuesday. This decider promised much but delivered a no-result when rain forced an abandonment of the third and final ODI under lights. In […]
Hedging Profits
April 15, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) said it had earned profits of 7 million US dollars in March reducing losses from retailing petroleum below-cost in that month. . “In March we lost 3,769 million rupees retailing fuel, but a hedging contract with Citibank earned us about 580 million rupees,” […]
Singleton
April 15, 2008 (LBO) – Sri Lanka will only award one out of three offshore oil blocks in the north west of the island for which international oil companies gave bids, petroleum minister A H M Fowzie said. . “We are only evaluating the block for which we received three bids,” Fowzie told reporters Tuesday. […]
‘s Brandix clothing exporter cuts energy, water use with redesigned plant
April 15, 2008 (PBO) Sri Lanka’s Brandix Group, which exports clothes to international retailer Marks & Spencer, has spent 2.5 million dollars to redesign a 30-year-old factory to meet ‘green’ factory standards. The conversion achieved a 45 percent saving in energy, cut water consumption by nearly 60 percent, improved solid waste management and reduced carbon […]
Offshore Riches
April 15, 2008 (LBO) – Sri Lanka’s Central Bank has called for the setting up of a high-powered decision-making body, possibly headed by the president, to handle oil exploration. A well-structured institutional arrangement should exist for policy formulation, management, regulation, and supervision of oil exploration, development and production, it said in its newly released 2007 […]
Sri Lanka hammered by Chanderpaul, Samuels and rain
PORT-OF-SPAIN, Trinidad, April 13, 2008 (AFP) – Sri Lanka ran into the rampant pair of Shivnarine Chanderpaul and Marlon Samuels, and lost the rain-marred second one-day International against West Indies by seven wickets under the Duckworth-Lewis Method on Saturday.Chanderpaul smote three fours and two sixes in an unbeaten 52 from 42 balls, and Samuels struck […]
Sri Lanka power supply fails country-wide
April 13, 2008 (LBO) – Sri Lanka’s national power grid operated by state-run Ceylon Electricity Board (CEB) failed late morning Sunday as the island was preparing to celebrate a local New Year festival. By 11.30 am the power utility had started restoring supply to part of the capital Colombo. Officials said a generator in the […]
Price Competition
April 12, 2008 (LBO) – Sri Lanka’s Electroteks which is to operate the island’s sixth mobile telephony firm with India’s Reliance says it will be offering stiff price competition to existing players. Updated Electroteks is to tie up with India’s Reliance Communications (RCom) to start mobile services. Electroteks chief B A C Abeywardene says the […]