Category: Petroleum
Sri Lanka’s CPC incurs Rs13.2bn loss for Jan-Nov 2015: Petroleum Minister
Mar 11, 2016 (LBO) – The marginal profit received from selling diesel is not sufficient to cover the 13.2 billion rupee loss incurred by the CPC in the first eleven months of 2015, Petroleum Minister Chandima Weerakkody said. Minister Weerakkody told Parliament that based on last December prices the state-owned Ceylon Petroleum Corporation and Lanka […]
CPC to start lubricant manufacturing company with USD13mn
Mar 11, 2016 (LBO) – The Ceylon Petroleum Corporation has obtained Cabinet approval to open a State-owned lubricant manufacturing company to avoid the high expenditures on lubricants. As per the government sources, the proposed company will commence within the next two weeks with an initial investment of 13 million US dollars. 2016 budget proposed to […]
Government proposals may lead to lubricant market fragmentation: Chevron
Mar 10, 2016 (LBO) – Chevron Lubricants Lanka, a leader in the island’s lubricant industry says the market may be at risk of further fragmentation as the government proposed to open up the lubricant market. “We have concerns about the 2016 budget proposals in respect of the lubricant industry,” said Kishu Gomes, Chief Executive Officer […]
Sri Lanka’s Laugfs Gas expands into Dubai
Mar 08, 2016 (LBO) – Sri Lanka’s Laugfs Gas announced the expansion of it’s regional presence with a new business venture in Dubai Multi Commodity Center which commenced operations as a fully-fledged international energy trading business. Named as SLOGAL Energy, this fully owned trading arm of Laugfs Gas commenced operations from Dubai as a international energy […]
Oil hits near two-month high on supply slowdown
Mar 02, 2016 (LBO) – Oil hit a near two-month high on Wednesday on the possibility that a global oversupply of crude oil has begun to shrink. Brent crude was trading at 36.65 dollars per barrel, down 0.43 percent, on Wednesday, a level last seen in early January. The global crude glut shrank by 12 […]
French Total inks oil exploration deal with Sri Lanka
Feb 18, 2016 (LBO) – Total, a French oil and gas company, has signed a deal with Sri Lanka to explore for oil in the island’s east coast, a Petroleum Resources Development Ministry statement said. “The aim of the study is to explore marginal areas with limited data for hydrocarbon prospectivity,” the Ministry statement said. […]
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Feb 16, 2016 (LBO) – Saudi Arabia and Russia have agreed to ‘freeze’ crude oil output after talks in Qatar, fixing production at January levels. Saudi Oil Minister Ali Al-Naimi and Russian Energy Minster Alexander Novak opted not to cut back production, with Qatar and Venezuela also agreeing to participate, Al-Naimi said.Brent Crude was off […]
Oil Bills Shrink for Most APAC Sovereigns: Fitch
Feb 16, 2016 (LBO) – Falling oil prices – with the benchmark Brent crude having tumbled by 44 percent yoy as of 11 February 2016 and 75 percent from early 2013 – have had a mixed effect on Fitch-rated sovereigns in Asia, with Thailand being the top beneficiary and Vietnam and Malaysia most negatively affected, […]
Lanka IOC profits up 45-pct in December quarter
Feb 15, 2016 (LBO) – Profits at Lanka IOC, a unit of Indian Oil Company rose 45 percent to 882 million rupees in the December quarter, interim accounts showed. The firm reported earnings of 1.66 rupees per share in the quarter compared to earnings of 1.15 rupees per share posted a year ago. Revenue at […]
JVP askes government to tax Lanka IOC for excess profits
Feb 12, 2016 (LBO) – Sri Lanka’s Marxist Janatha Vimukthi Peramuna on Thursday called on the government to tax Lanka Indian Oil Company for excess profits the company is making. Speaking at a press briefing the General Secretary of JVP, Tilvin Silva said the Sri Lankan government is currently giving subsidies to Indian companies. “This […]
Proposals to be called for Hambantota Port Industrial Zone
Jan 25, 2015 (LBO) – Sri Lanka’s government plans to call for proposals to set up industries in the Hambantota Port’s Industrial Zone under the Hambantota Port Development Project, the Information Department said. Sri Lanka Ports Authority has prepared the business plan in order to identify the business ventures that could be undertaken under the […]
Interview: Sector specific Acts needed for water, petroleum, says DG PUCSL
Jan 11, 2016 (LBO) – Sri Lanka’s Public Utilities Commission will need to have sector specific Acts for it to have power to regulate water and petroluem sectors, a senior official said. “Actually water and petroleum sectors are listed in our Public Utilities Commission Act which has been in operation since 2002 but we need […]