Category: Petroleum

Sept 13, 2007 (LBO) – The bunker fuels subsidiary of John Keells Holdings, a top money-spinner of the group, looks set to face heightened competition with a rival supplier in Colombo port threatening to cut prices. The Sri Lanka Shipping Group, which sells ship fuel through its bunkering subsidiary, Lanka Maritime Services, has said it […]

SINGAPORE, Sept 13, 2007 (AFP) – Crude oil prices weakened in Asian trade Thursday on profit-taking after scaling new peaks on concerns over tight US supplies and hurricane worries, dealers said. At 10:35 am (0235 GMT), New York’s main contract, light sweet crude for October delivery dropped 25 cents to 79.66 US dollars a barrel […]

Sept 13, 2007 (LBO) – Lanka Auto Gas and Fuel Systems (LAUGFS) plans to set up a gas storage terminal in southern Galle at a cost of 12 million dollars, a top official said. Laugfs decided to build their own terminal because the liquid petroleum gas market was growing and also because of difficulties in […]

VIENNA, Sept 11, 2007 (AFP) – OPEC exporters agreed Tuesday to pump an extra 500,000 barrels of oil a day to cool near-record crude prices, in a victory for Saudi Arabia over its reluctant partners.Analysts said that while the gesture would ease fears about a supply crunch heading into the northern hemisphere winter, the peak […]

Sept 11, 2007 (LBO) – Lanka IOC, the Sri Lanka unit of the Indian Oil Corporation, has started to hedge oil imports with positive initial results, an official said. LIOC expects oil prices to ease towards the latter part of the year. “We have started to hedge imports in a cautious manner,” Lanka IOC managing […]

Sept 6, 2007 (LBO) – Sri Lanka would make a fixed payment to poor households on income support from this month but limit a promised subsidy to fishermen to one month, a senior minister said. Ceylon Petroleum Corporation would make a 4,000 rupee one-off payment to 16,036 fishermen for the month of August at a […]

Sept 05, 2007 (LBO) – Sri Lanka will shortly tender for two-dimensional seismic surveys off the southern tip of the island to look for new oil deposits, officials said. “Then we can get better terms for the remaining blocks,” Fowzie said. Three out of eight off-shore oil exploration blocks in the Northwestern Mannar basin which […]

August 31, 2007 (LBO) – Sri Lanka’s liquid petroleum gas (LPG) prices are to be adjusted every two months on a price formula agreed with the island’s consumer authority, Shell Gas Lanka said. Economic analysts say frequent changes in LP gas prices, which are only used in a third of the households in the country, […]

August 30, 2007 (LBO) – Sri Lanka power engineers have called off all industrial action including a non co-operation campaign following a second meeting with senior government officials. The Ceylon Electricity Board Engineers Union (CEBEU) met senior government officials at Temple Trees on Tuesday following an initial meeting on Sunday. Union officials said most of […]

August 29, 2007 (LBO) – The Ceylon Petroleum Corporation (CPC), Sri Lanka’s state-owned oil refiner and distributor, is evaluating bids from two parties to conduct a feasibility study for its refinery expansion, a top official said. De Mel wants to acquire a hydro-cracker that can increase the yield of diesel in particular. Updated “We have […]

August 27, 2007 (LBO) – The powerful engineers union of Sri Lanka’s state-owned electricity utility has temporarily suspended industrial action started last week, following talks with senior government officials. Secretaries to the President, the treasury and energy and the CEB chairman met the Ceylon Electricity Board Engineers Union (CEBEU) Sunday after a work-to-rule campaign began […]

August 23, 2007 (LBO) – Lanka IOC, a unit of the Indian Oil Corporation, has returned to profitability in the June quarter, posting 490 million rupees in profits, interim results filed with the Colombo Stock Exchange showed. . The firm reversed a loss of 584 million in the same quarter last year. Part of the […]