Category: Petroleum

April 16, 2008 (LBO) – Iranian President Mahmoud Ahmadinejad will flag off a billion dollar oil refinery in Sri Lanka, as part of his state visit to the island later this month, officials said. . Sri Lanka’s petroleum minister A H M Fowzie said President Ahmadinejad would lay the foundation stone for the refinery on […]

April 15, 2008 (LBO) – Sri Lanka’s Central Bank has called for the setting up of a high-powered decision-making body, possibly headed by the president, to handle oil exploration. A well-structured institutional arrangement should exist for policy formulation, management, regulation, and supervision of oil exploration, development and production, it said in its newly released 2007 […]

April 15, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) said it had earned profits of 7 million US dollars in March reducing losses from retailing petroleum below-cost in that month. . “In March we lost 3,769 million rupees retailing fuel, but a hedging contract with Citibank earned us about 580 million rupees,” […]

April 15, 2008 (LBO) – Sri Lanka will only award one out of three offshore oil blocks in the north west of the island for which international oil companies gave bids, petroleum minister A H M Fowzie said. . “We are only evaluating the block for which we received three bids,” Fowzie told reporters Tuesday. […]

April 04, 2008 (LBO) –Sri Lanka is seeking to renew its long-term crude oil supply contract with Iran and wrap up financing to expand its refinery during a visit this week by senior government officials to Teheran. Treasury Secretary P B Jayasundera and Ashantha de Mel, chairman of the state-oil refiner Ceylon Petroleum Corporation, are […]

Mar 25, 2008, (LBO) – India’s Bharat Petroleum says it is looking for opportunities in Sri Lanka’s aviation and retail fuel sectors after launching its ‘MAK’ brand lubricants partnering with a top auto dealer in the island. “We hope that we will also be given an opportunity to enter the main product market which is […]

March 19, 2008 (LBO) – Sri Lanka is converting a part of a tank farm to store bunkers or ship fuel and build new pipelines to reduce supply disruptions in a plan that will also see new fuel supply lines being built for power stations, an official said. State-run Ceylon Petroleum Corporation (CPC) is planning […]

March 13, 2008 (LBO) – Sri Lanka’s petroleum utility will not raise retail fuel prices at least until the traditional April Sinhala and Hindu New Year festival, despite record crude oil prices, petroleum minister A H M Fowzie said. The state-owned petroleum utility Ceylon Petroleum Corporation (CPC) will use profits from overcharging hapless petrol uses […]

March 11, 2008 (LBO) – Sri Lanka’s state-owned petroleum utility plans to tie up with global ship supplier GAC Ships to sell bunkers or ship fuel in Colombo port, its chairman Ashantha de Mel said. . The Ceylon Petroleum Corporation’s plans to re-enter the bunker market will likely bring down prices in Colombo. “We’re in […]

March 09, 2008 (LBO) – Sri Lanka’s state-owned petroleum utility will enter the liquid petroleum gas (LPG) market by June using fuel dealerships, a top official said, while plans are underway to boost gas production. Ceylon Petroleum Corporation (CPC) now produces about 60 metric tonnes of LPG a day or about 10 percent of the […]

March 07, 2008 (LBO) – Sri Lanka’s state-owned petroleum utility aims to hold retail fuel prices at current levels for the time being despite crude oil prices hitting record highs, its chairman Ashantha de Mel said. Ceylon Petroleum Corporation (CPC) is hoping income from oil futures hedging and its refinery resuming production after a shut […]

March 07, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) is looking for a joint venture partner to start a lubricant retailing business, a senior government minister said. Information minister Anura Yapa said the ministry of petroleum has told Sri Lanka’s cabinet of ministers that lubricants would be sold under the brand Ceypetco. […]