Category: Petroleum

Feb 29, 2012 (LBO) – Sri Lanka’s Central Bank says an outlook and rating by Standard & Poor’s in the wake of balance of payments pressure is unwarranted because corrective steps have been taken by the government. S&P on Wednesday cut the outlook on Sri Lanka’s ‘B+’ foreign currency rating to ‘stable’ from ‘positive’ and […]

Feb 13, 2012 (LBO) – A steep fuel price increase in Sri Lanka to correct mounting economic imbalance and pressure on a currency peg has seen protests by bus operators and fishermen, reports said. Fishermen blocked a road on the main road to the capital Colombo from Negambo, a fishery centre, a media report said. […]

Feb 11, 2012 (LBO) – Sri Lanka has steeply raised the price of diesel partially correcting chronic mis-pricing between refined fuels in a move that could also help reduce loans taken by petroleum distributors and stabilize a weakening exchange rate. Diesel may be now priced just around cost when freight, port levies and taxes are […]

Feb 10, 2012 (LBO) – Net profit for the December 2011 quarter of the Sri Lanka unit of Indian Oil Corporation rose 3. 5 percent to 623 million rupees from a year ago, with a sharp rise seen in finance costs. Lanka Indian Oil Corporation’s December 2011 quarter sales rose 15 percent to 15. 4 […]

Feb 10, 2012 (LBO) – Sri Lanka is considering raising retail prices of fuel because of rising world oil prices, petroleum industries minister Susil Premajayantha said. Sri Lanka’s future oil imports will cost more as international prices have increased owing to cold weather in the Western hemisphere and uncertainty caused by sanctioned against Iran, he […]

Jan 23, 2012 (LBO) – Sri Lanka will be able to import crude from Iran for at least six months before US sanctions make it impossible for payments to be made to that country, a media report said. Sri Lanka’s The Sunday Times newspaper quoted petroleum minister Susil Premajayantha as saying that talks would be […]

Jan 03, 2012 (LBO) – Sri Lanka is negotiating a billion dollar facility from an international bank to defray payments for petroleum imports by made state-run Ceylon Petroleum Corporation in 2012, officials said. By October 2011 Sri Lanka had spent 3.6 billion dollars on petroleum imports up 48. 5 percent from a year earlier. A […]

Dec 26, 2011 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has called bids to build an aviation fuel terminal at a second international airport being constructed in Mattala, in the South of the island. Mattala airport in Sri Lanka’s Hambantota district, is being built with Chinese finance. Sri Lanka’s Ceylon Today newspaper said the […]

Dec 06, 2011 (LBO) – A top Indian scientist has said he believes Sri Lanka has huge gas hydrate resources in the ocean around the island as in India. The ice like solids found in deep water on the ocean floor could generate methane gas, a potential energy source, Harsh Gupta told a forum of […]

Nov 15, 2011 (LBO) – The Sri Lanka unit of Indian Oil Corporation’s profit for the September 2011 quarter fell sharply from a year ago with sales staying virtually stagnant, interim accounts filed with the stock exchange showed. Lanka Indian Oil Corp. said net profit fell 44.6 percent to 277.8 million rupees in the quarter […]

Nov 14, 2011 (LBO) – Cairn Lanka, a unit of India’s Cairn Energy, has made a second gas strike off the northwestern coast of Sri Lanka. On October 04, Cairn Lanka had begun work on CLPL-Barracuda-1G/1, a second well. The presidents office said in a statement that the state petroleum exploration office has been informed […]