Category: Petroleum

June 20, 2011 (LBO) – Sri Lanka is holding talks with Iran to get more funds to expand its sole oil refinery after new feasibility studies indicated the cost would rise to two billion US dollars, an official said. Titus Jayewardene, secretary to the petroleum ministry, said the cost of the modernisation to double refining […]

June 19, 2011 (LBO) – A team from Russia’s Gazprom would visit Sri Lanka to discuss oil exploration, building a refinery and using liquefied natural gas in the island following a meeting with visiting President Mahinda Rajapaksa. A government statement said President Rajapaksa met Gazprom chief Alexei Miller at an economy form in St. Petersburg […]

May 31, 2011 (LBO) – Lanka IOC, the Sri Lanka unit of Indian Oil Corporation lost 111 million rupees in the March 2011 quarter, on revenues of 16. 2 billion rupees, an analysis of audited accounts released to the Colombo stock exchange shows. Lanka IOC raised its diesel prices nine rupees above the competitor, state-run […]

May 24, 2011 (LBO) – Sri Lanka is continuing its legal defence in action filed by international banks over petroleum derivatives sold to a state-run oil distributor, the government’s top legal officer said. Fitch Ratings said the fine was bigger than the local branch’s capital but its rating was unaffected due to expected support from […]

Apr, 08, 2011 (LBO) – A top US monetary economist has poured cold water on fears about the world running out of oil, an idea which gains special prominence when the US Fed loosens monetary policy, debases the dollar and sends commodities bubbling up. Nixon at the time even halted exports of food commodities, instead […]

Apr 05, 2011 (LBO) – Sri Lanka’s Laugfs Gas will get 50 percent of the liquefied petroleum gas (LPG) produced by state-run Ceylon Petroleum Corporation, up from an earlier 30 percent on a presidential directive, the company said. The directive followed an April 04 meeting with the President attended by Treasury Secretary P B Jayasundera, […]

Apr 02, 2011 (LBO) – Sri Lanka has raised fuel arbitrarily jacking up petrol far above cost while keeping diesel mostly used mostly by businesses low, according to prices announced by a state run distributor. Rich transport contractors, and owners of luxury diesel vehicles and pick trucks are now effectively cross subsidized by small car […]

Mar 09, 2011 (LBO) – Sri Lanka’s Nawaloka ABC Petroleum, which entered the lubricant market recently, says the price-driven lubricant market is shifting towards quality and growing after a slowdown. With the increase of vehicles in the local market due to tax cuts we see that consumers are more into performance and quality-based product, said […]

Mar 09, 2011 (LBO) – Sri Lanka plans to use satellite technology to monitor distribution of petroleum products to fuel retail stations from storage terminals to prevent theft and contamination, a statement said. Petroleum industries ministry secretary Titus Jayawardena said the bowser drivers will not be allowed to deviate from official routes during distribution nor […]

Mar 04, 2011 (LBO) – Sri Lanka is to expand to three million litres storage capacity at an aircraft refuelling facility in a new international airport being built in the south, a petroleum ministry statement said. The state-owned refiner, Ceylon Petroleum Corporation, is to design and fund the aircraft hydrant refuelling system at the Maththala […]

Mar 04, 2011 (LBO) – Sri Lankan liquid petroleum gas supplier Laugfs Gas is to lose exclusive rights to buy the entire LPG production of the state oil refiner Ceylon Petroleum Corporation, a government statement said. The supply deal with the CPC is also under an order of the Supreme Court and Laugfs also relies […]