Category: Petroleum
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 […]
Sri Lanka to reduce fuel price if world oil prices drop: Ravi K
July 17, 2015 (LBO) – Sri Lanka’s government will consider a further reduction in the fuel price if oil prices in the world drop, the Finance Minister said. “If the world oil prices drop then we will also reduce the fuel prices in the country but the prices have not dropped yet,” Ravi Karunanayake, Finance […]
‘l bids to be opened for cross country oil pipeline
June 18, 2015 (LBO) – Sri Lanka’s government to call for an open international tender to construct a new pipeline network that carries oil from Colombo Harbour to Kolonnawa wholesale terminal, cabinet spokesperson Rajitha Senaratne said.He said the existing network is 40 to 70 years old and is in a very dilapidated status. A proposal […]
“No fuel shortage in Sri Lanka” Minister
Jun 06, 2015 (LBO) – Sri Lanka’s Power and Energy Minister said that there is no fuel shortage in the Island and that adequate stocks are available. Issuing a statement Minister Champika Ranawaka denied that there is any fuel shortage at the 1,186 pumping stations across the Island. “Supply shortages might hit IOC outlets on […]
Sri Lanka’s CPC will stop bank borrowings to pay taxes against CPC act: Minister
May 21, 2015 (LBO) – Sri Lanka’s state-owned petroleum refiner Ceylon Petroleum Corporation (CPC) is to discontinue the process of paying taxes out of borrowed money from banks, Power Minister Champika Ranawaka said. “We will not pay taxes which are against the CPC act, the era that we paid taxes by borrowing from banks is […]