Category: Petroleum

May 28, 2007 (LBO) – The Malaysian firm Tanjong, controlled by billionaire Ananda Krishnan, has taken a foothold in Sri Lanka’s power sector by acquiring an international energy firm with investments in the country, the company said Monday. In a filing at the Kuala Lampur stock exchange Tanjong said it had taken over Globeleq, a […]

May 25, 2007 (LBO) – The Sri Lanka unit of the Indian Oil Corporation is planning to boost its 13 percent share in the island’s lube business after getting the government nod to enter the licensed industry, the company said Friday. The company said the secretary of Sri Lanka’s Ministry of Petroleum and Petroleum Resources […]

May 24, 2007 (LBO) – Lanka IOC, a unit of the Indian Oil Corporation has posted higher profits in the March quarter helped by a provision write-back and supply of refined products to the Ceylon Petroleum Corporation. Lanka IOC posted net profits of 874 million rupees in the 3-months to March (344.7 million rupees in […]

May 11, 2007 (LBO) — Sri Lanka plans to double the price of lottery tickets and use the extra cash to build a second international airport in Weerawila, the National Lotteries Board has said.From Thursday, the Bandaranaike International Airport, which shares a runway with an adjoining military base, will close between 10:30 pm (1700 GMT) […]

April 29, 2007 (LBO) – The Indian and Dutch partners of petroleum facilities targeted by Tamil Tigers, which are jointly owned with the government of Sri Lanka, are confident of resuming normal business as the damage is minimal, officials said. The Tigers first hit a petroleum facility in Kolonnawa, a suburb of Colombo, which is […]

April 26, 2007 (LBO) – Sri Lanka’s international airport has re-opened after several flights were diverted as a precautionary measure following reports of a possible Tamil Tiger air raid, officials said. . Updated Military spokesman Brigadier Prasad Samarasinghe said there was no attack but there were reports of two unidentified light aircraft being detected in […]

April 26, 2007 (LBO) – India is eyeing two oil exploration blocks in Sri Lanka with two state oil firms engaging in open bidding as well as taking a block that is being given as a special favour by their southern neighbor, reports said. The United States is also hosting Sri Lanka’s petroleum officials at […]

April 25, 2007 (LBO) –The Asian Development Bank (ADB) Wednesday inked a deal with the Sri Lanka government to lend 300 million dollars to expand Colombo port that it said would help keep Sri Lanka’s shipping costs down. Finance Ministry secretary P.B. Jayasundera said the government will chip in with 180 million dollars, and expects […]

April 24, 2007 (LBO) – Maersk, the world’s largest container shipping line, is to buy a bigger stake in South Asia Gateway Terminals (SAGT), Colombo Port’s privatized transshipment facility, in a deal that sees Dubai Ports World selling out. Other shareholders of SAGT are Evergeen, SLPA, and multilateral lenders. Maersk is currently Colombo’s biggest customer […]

April 23, 2007 (LBO) – Sri Lanka’s largest petroleum retailer the state-owned Ceylon Petroleum Corporation (CPC) may return to monthly price adjustments once it had recovered current losses, the country’s petroleum minister said. CPC shares Sri Lanka’s petroleum distribution with Lanka IOC, a unit of Indian Oil Corporation, which has 30 percent of the market. […]

April 18, 2007 (LBO) – The Ceylon Petroleum Corporation (CPC) which lost 1.5 billion rupees in 2006 is seeking a price hike to ward off an 800 million rupee loss by April, but the government is only permitting half the increase sought by the utility. Funds were also needed lay a new pipeline from Muthurajawela […]