Category: Petroleum

Jan 31, 2008 (LBO) – Sri Lanka is evaluating bids for offshore oil exploration in the island’s north-east from firms in Cyprus and India, petroleum minister A H M Fowzie said. The island has put three exploration bids on offer in the Mannar basin area. The bids closed today. ONGC Videsh and Cairn India from […]

Jan 29, 2008 (LBO) – India’s Cochin International Airport Limited (CIAL) says it is interested in building an airport in southern Sri Lanka and a delegation is visiting the island this week for talks. Sri Lanka has proposed a second international airport in the southern town of Weerawila in the Hambantota district. CIAL said its […]

Jan 18, 2007 (LBO) — Sri Lanka’s opposition has added fuel to the growing fire over petroleum firms fleecing petrol users to give subsidies to diesel consumers especially in commercial sectors.Sri Lanka’s government also taxes petrol users heavily but now the two main fuel distributors, Ceylon Petroleum Corporation and Lanka IOC, a unit of Indian […]

Jan 18, 2008 (LBO) — Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) refinery expansion may be doubled to a 100,000 barrels-per-day project and its cost may go up to a billion dollars, a top official said.“An Iranian team has already started a feasibility project and now we are looking at a bigger project, which may […]

Jan 17, 2007 (LBO) – Sri Lanka’s state-owned Ceylon Petroleum Corporation (CPC) has struck a deal with Trafigura, a petro firm in Singapore, to get up to 500 million dollars of supplier’s credit for diesel, a top official said. Trafigura will give CPC 6-months of supplier’s credit at London Interbank Offered Rate plus 1.6 percent, […]

Jan 16, 2008 (LBO) — Sri Lanka’s downstream petroleum sector is moving to SAP enterprise resources planning software, which will be implemented by the Indian Oil Corporation, officials said.The 350 million Sri Lanka rupee project will see Ceylon Petroleum Storage Terminals Ltd (CPSTL), a common user facility, running the software, with Ceylon Petroleum Corporation (CPC) […]

Jan 13, 2008 (LBO) – Sri Lanka has raised fuel prices from midnight Sunday with petrol and furnace oil going up by 10 rupees, diesel 5 rupees and kerosene 2 rupees, the state-run Ceylon Petroleum Corporation (CPC) said. The new price of 90-octane petrol is 127.00 rupees, 95-octane petrol 130.00, auto diesel 80.00, super diesel […]

Jan 04, 2007 (LBO) – Sri Lanka’s second cooking gas retailer raised prices by 17 percent Thursday on a formula approved by the consumer authority while the minister in charge said advance notice of price increases should not be given. The Ceylon Petroleum Corporation has not raised prices since July. After fuel prices were fixed, […]

NEW YORK, Jan 2, 2008 (AFP) – Oil prices spiked to record closing highs within striking distance of 100 dollars a barrel Wednesday, triggering inflation jitters that weighed on the US stock market. “Crude prices are drawing some support from (expectations of) a further decline in crude stocks in a weekly US inventories report,” said […]

SINGAPORE, Jan 3, 2008 (AFP) – World oil prices eased in Asian trading on Thursday after briefly hitting 100 dollars a barrel for the first time, jolting oil-dependent economies.In morning trade, New York’s main contract, light sweet crude for February delivery, was 43 cents lower at 99.19 dollars a barrel. The contract closed 3.64 dollars […]

Dec 20, 2007 (LBO) – Sri Lanka plans to invite oil companies to explore for petroleum deposits in new areas in the north of the island, a senior minister said, where Tamil Tiger rebels are active. The petroleum ministry has been given the government nod to kick off exploration in the Sri Lankan side of […]

Dec 02, 2007 – Sri Lanka’s plans to double its refinery capacity, which were dealt a severe blow after politicians fixed fuel prices last August, would take off with Iranian help in 2008, officials said. . The government of Iran would first fund and conduct a feasibility study and give a loan with a ten […]