Category: Petroleum

August 16, 2007 (LBO) – The Ceylon Petroleum Corporation which runs Sri Lanka’s only refinery has hedged the crack margin of a portion of its diesel and kerosene output in a deal with the Standard Chartered Bank, an official said. CPC is also planning to expand its refinery capacity by going for an 800 million […]

August 14, 2007 (LBO) – The Ceylon Petroleum Corporation (CPC), Sri Lanka’s state-owned petroleum firm has used a leveraged swap to hedge a small part of its oil imports during the past month with good results so far, officials said. Diesel spot prices had moved to around 84 dollars a barrel. CPC is held back […]

August 07, 2007 (LBO) – Indian Oil Corporation (IOC) may put off overseas expansion following its experience in Sri Lanka where it lost money after being forced to under-price fuel and government subsidies got delayed, Indian media reported. State-owned IOC is delaying an entry to Malaysia and Indonesia where oil subsidies are also in place, […]

NEW DELHI, Aug 5, 2007 (AFP) – The death toll from raging floods in India neared 1,100 Sunday as more people drowned in swollen rivers that have stranded millions in their homes, officials said.Every year the monsoon causes the river to flood in Assam, a remote state of 26 million people. Four people died overnight […]

MCCLEAN LAKE, Canada, July 24, 2007 (AFP) – Twenty years after the Chernobyl disaster poisoned the world’s taste for reactors, a French firm is sniffing out fresh uranium supplies in Canada.And the race for nuclear power is back on.After the deadly Chernobyl reactor explosion in Ukraine in 1986 and a lesser scare at the Three […]

July 16, 2007 (LBO) – Sri Lanka will adjust fuel prices monthly on a transparent formula to cut losses in petroleum utilities, an official said, which is expected to reduce exchange rate pressure and avoid the build-up of macro-economic imbalances. Ceylon Petroleum Corporation (CPC) Chairman Ashantha de Mel says a cabinet sub-committee on energy had […]

July 16, 2007 (LBO) – Sri Lanka has announced fuel subsidies to the poor on state welfare and warned of more price hikes with the onset of a hurricane season that disrupts international offshore petroleum production. The government says they are willing to pay a fuel subsidy to three-wheeler tax owners if they install metres. […]

July 11, 2007 (LBO) – Sri Lanka is seeking Indian support to develop bio-diesel plants in the island’s Puttalam region, north of the capital Colombo, a senior public estate management ministry official says. The bio-diesel project, which is to be launched in mid-July, will use the Jatropha plant (endaru), Merinus Fernando, advisor to the ministry […]

July 06, 2007 (LBO) – Opening up Sri Lanka’s electricity sector to foreign competition under international free trade rules that are being negotiated could be dangerous, a senior engineer has warned. Commitments Sri Lanka might make under the General Agreement on Trade in Services (GATS), a multinational agreement covering trade in services, could be irrevocable, […]

July 04, 2007 (LBO) — Sri Lanka’s state-run oil firm Ceylon Petroleum Corporation has asked the treasury to pick up a six billion rupee subsidy tab for selling fuel to the Ceylon Electricity Board at a steep discount, officials said Wednesday. The Ceylon Electricity Board (CEB), currently buys fuel at 55 rupees a litre from […]

July 2, 2007 (LBO) – Problems at Sri Lanka’s Kelanitissa thermal power station partly offset strong first quarter 2007 profit growth of AES Corporation of the US, the company has reported. AES Corporation revenues increased 11% to 3.1 billion dollars compared to 2.8 billion dollars for the first quarter of 2006, while net cash from […]