Category: Petroleum

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 […]

July 11, 2009 (LBO) – Lanka IOC, the Sri Lankan unit of Indian Oil Corp., has urged the government to change import duties and blamed its 1.2 billion rupee loss in the year to March 2009 partly on an import duty hike. LIOC’s turnover last year rose 7.8 percent to 47.617 billion rupees, although it […]

July 08, 2009 (LBO) – The Sri Lankan unit of Indian Oil Corporation said it has chartered a bunker barge to supply ship fuel in Colombo port as sales were increasing.LIOC is the newest player in Colombo port’s bunker business. Competition in the business has been growing after a court order ended an effective monopoly […]

July 4, 2009 (LBO) – The Sri Lanka unit of the Indian Oil Corporation is running out of cash and may not be able to import the next consignment of oil as crude prices rise and taxes bite into revenue, an official said. Based on yesterday’s Singapore wholesale refined product prices released by the Central […]

June 30, 2009 (LBO) – The Sri Lankan unit of multinational Shell has reduced the price of its liquid petroleum gas while local group Laugfs has hiked its prices, the consumer affairs authority said.The price of a 12.5 kilo Shell gas cylinder will be reduced by 53 rupees to 1,447 rupees from midnight Tuesday, while […]

June 18, 2009 (LBO) – Lanka IOC, a unit of the Indian Oil Corporation had asked Sri Lanka’s petroleum ministry permission to raise petrol and diesel pump prices by 21 to 23 rupees a litre to stem losses amid rising oil prices, an official said. IOC managing director Suresh Kumar said his firm had lost […]

June 18, (LBO) – Sri Lanka is getting a 65 million US dollars loan from China’s Exim Bank to build an oil storage facility in the Southern coastal town of Hambantota, a senior government minister said. “The objective of this project is to supply and store marine fuel, aviation fuel and LP gas and provide […]

June 16, 2009 (LBO) – The Netherland’s envoy to Sri Lanka has raised concerns about the government pricing of liquefied petroleum gas of top Dutch firm Shell Gas, consumer affairs minister Bandula Gunewardene said. Shell has previously attracted criticism for charging high fees for its terminal complex. The minister said he had promised a meeting […]

June 12, 2009 (LBO) – Lanka IOC, the Sri Lankan unit of Indian Oil Corp, wants to seek clarification on reports the island’s government is to amend its agreement with the fuel retailer, a senior official said. LIOC managing director Suresh Kumar said he was unaware of any plans to change the deal with the […]

May 29, 2009 (LBO) – Lanka IOC, a unit of Indian Oil Corporation said it lost 1.6 billion rupees in the March 2009 quarter against a profit of 890.7 million last year as the firm was hit by adverse oil hedges and taxes. But oil prices collapsed in the second half of 2008 and the […]