Category: Industry
Refined Product
Feb 01, 2008 (LBO) – Two UAE petroleum firms have won Sri Lankan government approval to build the island’s second refinery with an investment of 1.2 billion dollars, a senior minister said. . Trans Asia Gas International LLC and Star Petro Energy LLC of the UAE plan to build a 100,000 barrels-per-day refinery in the […]
Offshore Wealth
Feb 01, 2008 (LBO) – An oil exploration block nearest to India off Sri Lanka’s northwestern coast has become hot property with three petroleum firms chasing after it, the petroleum ministry said. The southernmost block of the three offered by Sri Lanka in the Mannar Basin, stretching from the coast to the maritime boundary with […]
Sri Lanka cricket runs out of cash, looks for Indian loan: Ranatunga
Feb 1, 2008 (AFP) – Sri Lanka’s new cricket chief and former captain Arjuna Ranatunga has revealed his board has no money left and is banking on financial support from India to stay afloat.Ten Sports’ 50-million dollar deal ends in 2009 and there were allegations that the previous administration had extended it till 2012 without […]
Sri Lanka and India in talks over Weerawila airport
Feb 01, 2008 (LBO) – India’s Cochin airport said a delegation had met Sri Lanka’s president Mahinda Rajapakse and visited a site in the island’s south where it is interested in developing a new airport. Cochin International Airport Limited (CIAL) said it had met aviation minister Chamal Rajapakse who is the president’s brother, central bank […]
‘s Assurance
Feb 01, 2008 (LBO) – Janashakthi Insurance has tied up with India’s ICICI Bank to launch bancassurance services in Sri Lanka but says high capital requirements and regulations in India constrain access to the competitive market on the sub-continent. Janashakthi Insurance Company Thursday signed a bancassurance agreement with ICICI Bank to promote insurance to banking […]
Durable Finance
Feb 01, 2008 (LBO) – Fitch Sri Lanka has confirmed the ‘BBB (lka)’ national long-term rating of Singer Finance (Lanka) Limited (SF) with a ‘stable’ outlook. SF was established as a RFC in April 2004, and currently operates through five branches. “The principal factor taken into consideration in SF’s rating is the implied support assumed […]
Oil Search
Jan 31, 2008 (LBO) – Sri Lanka is evaluating bids for offshore oil exploration in the island’s north-east from firms in Cyprus and India, petroleum minister A H M Fowzie said. The island has put three exploration bids on offer in the Mannar basin area. The bids closed today. ONGC Videsh and Cairn India from […]
Sri Lanka activists demand energy equity
Jan 31, 2008 (LBO) – Sri Lankan villagers are paying a high price for off-grid power while city folk are getting billions in power subsidies from a state power utility, an activist has charged. The activist also criticized a World Bank loan project the only significant fund that has come forward to fund such rural […]
Sri Lanka Ceylinco to create insurance awareness
Jan 31, 2008 (LBO) – Sri Lanka’s Ceylinco Insurance says it is launching a life insurance week in February to increase awareness of life products and expand the life insurance market in the country. Ceylinco says market penetration for life insurance is 8.7 percent in Sri Lanka despite marketing initiatives by a competitive industry. “We […]
Lost Packets
Jan 31, 2008 (LBO) – Internet users in Sri Lanka and other South Asian countries may see their internet connections slowing, as a submarine cable in the Mediterranean sea has been damaged, a report said. “It is a problem off the coast of Alexandria in Egypt. For some reason ships were asked to anchor in […]
Small Industry
Jan 31, 2008 (LBO) – Fitch Sri Lanka has confirmed the ‘BB+(lka)’ rating of Trade Finance and Investments, a company that has a strong focus on three wheeler vehicle finance, with a stable outlook. “TFI’s rating takes into consideration its high capitalisation and good profitability. However, the rating is constrained by TFI’s small asset base, […]
‘s cricket XI
CANBERRA, Jan 30, 2008 (AFP) – Sri Lanka kicked off their limited overs tour of Australia in good style, beating the Prime Minister’s XI by four wickets here Wednesday. Some quality fast bowling by the tourists helped them dismiss the PM’s XI, which featured some of Australia’s best young players, for just 152 after they […]