Category: Petroleum

Dec 11, 2009 (LBO) – Sri Lanka is ready to calls for bids for oil exploration in more blocks in the island’s north-west as well as the south, Petroleum Resources Minister A H M Fowzie said.Fowzie said oil and gas discoveries on the Indian side of the Mannar Basin meant there was a better chance […]

Nov 16, 2009 (LBO) – Sri Lanka has declared several state utilities ‘essential services’ the government said, as industrial unrest threatened to increase following the assault of some workers and rejection of higher salary offers.The government said petroleum, water, ports and electricity services were declared essential services from midnight Sunday. Both power and water are […]

Nov 13, 2009 (LBO) – Lanka IOC, the Sri Lankan unit of Indian Oil Corp., has said it made a loss of 203 million rupees in the September 2009 quarter, partly on losses from hedging in oil imports.The firm has been lobbying for lower import duties on fuel or higher retail prices which are government […]

NEW YORK, November 3, 2009 (AFP) – Oil prices leapt Tuesday as commodities gained a boost from gold, which struck an all-time high above 1,000 dollars an ounce as markets fret about the prospects of global recovery from recession.New York’s main contract, light sweet crude for delivery in December, rose 1.47 dollars to close at […]

Oct 07, 2009 (LBO) – A call for offshore oil field support services by a company exploring for oil in Sri Lanka provides domestic firms the opportunity they have been waiting for, officials said.Oil explorations firms are expected to source some of their requirements from local industry in order to ensure the benefits of oil […]

Oct 05, 2009 (LBO) – Sri Lankan government organisations owed the state-owned refiner, Ceylon Petroleum Corporation (CPC), 61 billion rupees in unpaid bills for fuel supplies by September 2009, CPC chairman Asoka Thoradeniya said. In the past losses from energy subsidies (both fuel and power), which increase debt in state banks and are then funded […]

Aug 20, 2009 (LBO) – The Sri Lanka unit of Indian Oil Corporation has about a third of the bunkering market barely 10 months after starting ship fuel sales at Colombo port, a top official said.“We started last November and we have about 35 percent market shares,” Lanka IOC managing director Suresh Kumar said. “Bunkering […]

SYDNEY, August 19, 2009 (AFP) – Australia touted itself as a “global energy superpower” after shrugging off diplomatic tensions with China to sign a record 41.3 billion US dollar resources deal.In Australia’s biggest ever trade agreement, PetroChina ordered 2.25 million tonnes of liquefied natural gas (LNG) a year over two decades from ExxonMobil’s share of […]

Aug 14, 2009 (LBO) – Lanka IOC, a unit of Indian Oil Corporation, said it lost 856.7 million rupees in the June 2009 quarter, down from a profit of 1.0 billion rupees a year earlier, as it was squeezed between high taxes and government mandated prices.The import price of diesel and also kerosene is higher […]

July 20, 2009 (LBO) – Sri Lanka’s Chevron unit said net profit for the June 2009 quarter shot up 45 percent to 400 million rupees from a year ago mainly because of higher margins. Chevron Lubricants Lanka said in a stock exchange filing that sales for the three months rose two percent to 2.1 billion […]