Category: Petroleum

Feb 18, 2013 (LBO) – LankaIOC, a unit of Indian Oil Corporation is planning to deal in petrochemicals such as polyethylene and polypropylene, to diversify its product portfolio, an official said.Dakwale told reporters earlier this month that the firm was planning to retail Euro III grade diesel following a request from Sri Lanka’s motor sector.It […]

Feb 15, 2013 (LBO) – Profits at Lanka IOC, a Sri Lanka unit of Indian Oil Corporation rose 16 percent to 728 million rupees in the December 2012 quarter from a year earlier, partly helped by forex gains, an official said. About 27 percent of the retail price of petrol is made up of government […]

Feb 12, 2013 (LBO) – Indian Oil Corporation’s Sri Lanka unit said a shipment of diesel which had been held up at Colombo port following a quality test was found to be off specification in colour and appearance and not in core chemical properties.In some countries colour is not a criteria and in Sri Lanka […]

Jan 30, 2013 (LBO) – Sri Lankan suppliers of fuel to ships could be pushed out of business if a new tax is implemented, shipping officials and tax experts have warned. The trade has begun lobbying for the withdrawal of the five percent Ports and Airports Development Levy, (PAL) which they say could force them […]

Jan 28, 2013 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board may be asked to import fuel directly to protect the main petroleum distributor from mounting unpaid dues, a media report said.A temporary surcharge on electricity was imposed in February 2012 as part of measures to avert a balance of payments crisis partly triggered by […]

Jan 26, 2013 (LBO) – Sri Lanka will update its petroleum exploration law to bring the rule in line with the latest international practices, information minister Keheliya Rambukwelle said.Amendments to Sri Lanka’s Petroleum Resources Act, No.26 of 2003, have been approved by the cabinet of ministers, he said. The changes proposed by President Mahinda Rajapaksa […]

Jan 06, 2012 (LBO) – Sri Lanka’s consumer affairs office has raised the price of liquefied petroleum gas by 150 rupees per 13.5 kilogram cylinder to 2,396 rupees under a regulated pricing formula.Prices of both state-run Litro Gas and Laugfs will go up, reports said. Domestic LP Gas prices are regulated by the CAA with […]

Colombo, 2012 (LBO) – Sri Lanka is buying refined products from State-run Vietnam Oil and Gas group (PetroVietnam) favourable terms and is also getting credit facilities, petroleum minister Susil Premajayantha said. Sri Lanka’s state-run petroleum refinery, which is more suited processing Iranian crude has had trouble with other types after it became more difficult to […]

Dec 15, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation, has raised petrol by 10 rupees to 159 and two grades of furnace oil but kept diesel and kerosene prices unchanged petroleum minister Susil Premajayantha said. Underpriced energy funded with bank loans, which are ultimately accommodated by central bank credit (printed money) causes frequent […]

Dec 10, 2012 (LBO) – Sri Lanka is unable to import crude oil from Iran despite a sanctions waiver by the United States, because banks are wary of opening letters of credit fearing blacklisting, a media report said. Sri Lanka’s The Sunday Times newspaper said state-run Ceylon Petroleum Corporatio, which used to buy Iranian light […]

Dec 07, 2012 (LBO) – Sri Lanka’s Chevron Lubricants Plc, the island’s market leader, said it will shift a blending plant to an industrial estate by July 2014 at an estimated cost of 15 million US dollars. Chevron Lubricant, a privatized unit has facilities on state land. The firm said it is gettubg 4.5 acres […]

Nov 15, 2012 (LBO) – Sri Lanka will offer up to ten offshore oil blocks in a bidding round that may start as early as next month, Saliya Wickramasuriya director general of the island’s petroleum exploration office said. Blocks will be offered around the island ranging from the Western coast and curving over the north […]