Category: Petroleum

Nov 16, 2010 (LBO) – Cairn Lanka, which bought Sri Lanka’s first offshore oil exploration block has hired a Japanese ship to start drilling wells from July 2011, the Japan Drilling Company had said. The firm will use the ship ‘Chikyu’, owned by Japan Agency for Marine-Earth Science and Technology (“JAMSTEC”) to drill three wells […]

Nov 12, 2010 (LBO) – Sri Lankan liquid petroleum gas supplier Laugfs Gas, whose share issue to raise 2. 5 billion rupees was oversubscribed, plans to acquire a vessel and build an unloading terminal in a new port, an official said. Laugfs managing director Thilak de Silva said the firm wants to be able to […]

NEW DELHI, Nov 5 (Asia Pulse) – State-owned Indian Oil Corp is eyeing a contract to revamp and expand the sole refinery in Sri Lanka. IOC’s interest in upgrading and doubling capacity of Ceylon Petroleum Corp’s (CPC) Sapugaskanda Refinery to 4 million tonnes a year came up at a meeting between Indian Oil Minister Murli […]

Nov 04, 2010 (LBO) – A share issue by Sri Lankan liquid petroleum gas supplier Laugfs Gas to raise 2. 5 billion rupees was oversubscribed on the opening day Thursday itself, its promoters said in a stock exchange filing. Merchant Bank of Sri Lanka, Managers and Registrars to the IPO, said the issue would be […]

Nov 03, 2010 (LBO) – The state-run Sri Lanka Insurance Corporation (SLIC) will help operate a liquid petroleum gas business the government acquired after buying out a majority stake held by Shell, a statement said. The LPG business has been rebranded the ‘Lithro’ gas company, the government statement said. Gamini Senarath, chairman of Sri Lanka […]

Nov 03, 2010 (LBO) – Sri Lanka’s government is scheduled to wrap up the purchase of liquefied petroleum gas distribution operations of Royal Dutch Shell for 63 million US dollars today, officials said. Another 24 million US dollars had been invested in building other infrastructure. Hiran Seneviratne, a spokesman for Shell said an agreement with […]

Oct 21, 2010 (LBO) – Sri Lankan liquid petroleum gas supplier Laugfs Gas is raising 2.5 billion rupees to settle debt, expand facilities and also enter property development as the country recovers from a war, its promoters said. Market Growth Laugfs has a 28 percent share of the total LPG market which it aims to […]

Oct 18, 2010 (LBO) – Sri Lanka’s state-run Ceylon Petroleum which has a 95 percent market share in bitumen, is looking for an investor to set up and run a plant to pack tar into barrels petroleum minister Susil Premajayantha said. “We are looking for an investor who can open a plant to pack barrels,” […]

Oct 12, 2010 (LBO) – Sri Lanka’s government is expecting to wrap up the purchase of Shell’s gas unit in the island within a month, Sirisena Amarasekera, who heads the state committee in charge of the deal said. Sri Lanka’s information minister Keheliya Rambukwella has said the government was planning to sell down a 49 […]

Oct 07, 2010 (LBO) – Sri Lanka will purchase a 51 percent stake in a liquid petroleum gas distributor in the island from Shell, a Dutch oil firm, for 63 million US dollars the government’s information office said Shell also built a terminal to store gas. See update on this story below with details of […]

Oct 07, 2010 (LBO) – Sri Lanka’s government will sell down a 49 percent stake in a liquid petroleum gas distributor after buying out a controlling stake held by Royal Dutch Shell for 63 million US dollars, a government minister said. Minister Rambukwella said after the state take-over the government will ensure that gas will […]

Oct 07, 2010 (LBO) – Sri Lanka’s Shell Gas unit said operations at the firm would remain unchanged until a sale of its stake is finalized, shortly after the government said it would buy out the oil giant for 63 million US dollars. “We are hopeful a sale purchase agreement will be signed soon,” Shell […]