Category: Petroleum
India’s top Lube brand Hindustan Petroleum Lubricants arrives in SL with Sea World Lanka
Hindustan Petroleum Lubricants markets more than 450 grades of Lubricants/Greases and caters to many global auto OEMs To offer full range of premium and world class Automotive, Industrial and Marine Lubricants and specialty products Sri Lanka’s lubricants market has been significantly strengthened with the formal entry of HP Lubricants, part of Hindustan Petroleum Corporation Limited […]
‘s First State Visit to China
During President Anura Kumara Disanayake’s four-day state visit to China, Sri Lanka marked a significant milestone by securing the largest foreign direct investment to date, the President’s Media Division said. This achievement was formalized this morning (16) with the signing of an agreement between Sri Lanka’s Ministry of Energy and Sinopec, a leading Chinese international […]
Sri Lanka Uses Tea Exports to Payoff USD 55mn of USD 251mn Iran Fuel Debt – Tea Board
Under the Memorandum of Understanding between Iran and Sri Lanka, Sri Lanka commenced the repayment of its USD 250.9 million fuel debt to Iran through tea exports. “As per the agreement, Sri Lanka aims to settle this debt through tea exports. To date, Sri Lanka has repaid USD 55 million of this debt,” Sri Lanka […]
CPC Management Discuss Implementation Timeline for Reforms
A discussion on the timeline and process for implementing the reforms took place with the senior management of CPC and Refinery yesterday. “The CPC current approved carder & salary structure will also be revised & digital platforms will be introduced for multiple functions & services,” Power and Energy Minister Kanchana Wijesekera said. “Under the CPC […]
Laugfs eyes Asian market with USD80mn LPG terminal, 10 ships
Nov 18, 2015 (LBO) – Sri Lanka’s Laugfs group plans to expand into Asian waters more aggressively with the launching of its planned LPG terminal to be built at Hambantota port, the group chairman said. “We are now aggressively working to become a leading LPG player in other Asian markets, and with this significant investment […]
Lanka IOC unit records Rs373mn loss in Sept quarter
Nov 12, 2015 (LBO) – Lanka IOC, a unit of Indian Oil Company, has reported 373 million rupees loss in September 2015 quarter against 1.1 billion rupees profit reported a year earlier, interim accounts showed. The firm reported negative basic earnings of 0.70 rupees per share in the quarter compared to positive earnings of 2.13 […]
Sri Lanka’s new fuel pricing formula with Finance Ministry: Min. Champika
Oct 15, 2015 (LBO) – Sri Lanka’s Minister of Megapolis and Western Province Development and former Minister of Power and Energy says that a cabinet approved pricing formula for fuel has been handed over to the Finance Ministry. Speaking to LBO Minister Champika Ranawaka said that “I have already done this.” We got cabinet approval […]
Demand for oil expected to slow in 2016: IEA
Oct 14, 2015 (LBO) – Global demand growth for oil is expected to slow from its five-year high in 2015 next year closer towards its long term trend, the International Energy Agency said in its October Oil Market Report. Lower price support and a slow down in the global economy would also lead to oversupplied […]
Sri Lanka’s Laugfs acquires 69 pct of Bangladesh LPG plant, eyes Asian markets
Oct 12, 2015 (LBO) – Sri Lanka’s Laugfs Gas plc acquired 1.8 million ordinary shares, or 69 percent of the total issued shares, in Petredec Elpiji Limited, a company incorporated in Bangladesh for a purchase consideration of 18.75 million US dollars. “We see tremendous potential for expanding LPG as a domestic and commercial energy source […]
Sri Lanka should reduce oil prices: Gammanpila
Sep 09, 2015 (LBO) – Sri Lanka should pass the benefit of falling crude oil prices to consumers, Parliamentarian Udaya Gammanpila said. Speaking at a press briefing Gammanpila asked the government to reveal the reason as to why the reduction is being delayed. The benchmark US crude oil price has hit a six-year low recently […]
Ceypetco To
22 Aug, 2015 (LBO) – Sri Lanka’s Ceylon Petroleum Corp will seek to, a report said.“There has been a change in the refinery process and it’s now more profitable for (Ceypetco) to,” a source told Reuters.“There is a higher yield of value-added oil products like middle distillates and gasoline and the sulphur is low.” Sri […]
Sri Lanka’s Carson says palm oil market seems promising despite crude oil price drop
July 28, 2015 (LBO) – The palm oil industry looks promising and demand should grow in future despite the price drop of crude oil and maturing trees, according to Sri Lanka’s Carson Cumberbatch group with plantations in Malaysia and Indonesia. However in spite of positive expectations, Carson’s palm oil prices experienced much volatility during the […]