Category: Petroleum

SINGAPORE, September 3, 2008 (AFP) – Oil prices fell in Asian trade Wednesday as the US government announced the release of oil from its strategic reserve to help with recovery efforts after Hurricane Gustav. New York’s main contract, light sweet crude for October delivery, dropped 34 cents to 109.37 dollars a barrel, while Brent North […]

Aug 22, 2008 (LBO) – Sri Lanka’s John Keells Holdings (JKH) said a write-down at its bunkering unit could amount to 1.3 billion rupees after the firm lost a tank farm and a tax holiday, but the group was hopeful of capping losses at 704 million rupees.Following a Supreme Court decision that cancelled its tax […]

PARIS, August 12, 2008 (AFP) – Oil demand is slowing sharply in advanced economies as people ease up on driving, supplies are rising and the market is set to cool well into next year, the IEA said on Tuesday. But it is too soon to declare the price boom over for now, the IEA warned, […]

Aug 12, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation’s (CPC) entry into liquid petroleum gas (LPG) retailing has been pushed to December due to procurement delays, an official said. CPC runs a 50,000 barrels a day refinery, and is the island’s largest petroleum distributor with more than two thirds of the petrol and […]

July 18, 2008 (LBO) – Sri Lanka’s diversified Laugfs Holdings has introduced lubricants to the local market, working capture 30 percent share in two years, top officials said. The lubricants were launched through the subsidiary of Laugfs Holdings, Laugfs Lubricants Limited. “As a fully Sri Lankan company, we are proud to enter a market which […]

June 26, 2008 (LBO) – Indian Oil Corporation’s Sri Lanka unit has decided to drop its diesel retail price to match that of the dominant state-owned refiner after threats by government to take over its outlets. The fuel retailers sell diesel at a subsidised price and try to cover the losses through profits on petrol […]

June 19, 2008 (LBO) – Sri Lanka has ordered a local unit of Indian Oil Corporation to sell diesel on par with state-run Ceylon Petroleum Corporation or face sanctions, after the Indian firm raised diesel prices in response to a new tax. Lanka IOC raised the price of diesel by 20 rupees to 130 rupees […]

June 10, 2008 (LBO) – Laugfs Auto Gas, a Sri Lankan gas distributor that started conversion of vehicles to run on auto gas, said that it was timely for owners to covert to gas because it is now almost 50 percent cheaper than petrol.“Liquid petroleum gas has always been cheaper than petrol and we believe […]

June 06, 2008 (LBO) – Chevron Lubricants Lanka has raised prices of its products following sharp increases in the prices of crude and base oil, a senior company official said Friday. “With rising petrol and diesel prices, people are finding it difficult to maintain their vehicles and so tend to postpone service decisions.” The two […]

June 5, 2008 (LBO) – Cairn India Limited, a unit of Cairn Energy plc of the UK, has won an offshore exploration block in Sri Lanka’s Mannar basin beating two other players, the island’s petroleum minister A H M Fowzie said. The firm has made more than 30 oil and gas discoveries in India during […]