Category: Petroleum

March 20, 2007 (LBO) – The Asian Development Bank has approved a 300 million dollar loan to expand the Colombo Port, the regional lender said Tuesday. The funds will come from its ‘ordinary capital resources’ window at a rate based on the London Interbank offered rate, the bank said. The loan will have a 25-year […]

March 19, 2007 (LBO) – John Keells Holdings (JKH) said Monday it was officially informed by the government that a letter of intent (LOI) would be issued on a private public partnership to reclaim land around the Colombo port. JKH shares closed up 2.25 at 148 rupees on Monday. “We have received notification today that […]

March 15 (LBO) – Sri Lanka has accepted a proposal to reclaim the sea and develop 450 acres of land alongside the Colombo Port by John Keells Holdings (JKH), a senior minister said. Updated/adds quotes “In the committee headed by the president we approved a very important and a flagship project to add 450 acres […]

March 14 (LBO) – Sri Lanka’s power utility is on a drive to provide uninterrupted supply to the country, while facing googlies from depleting hydro reserves, technical glitches, and higher demand from world cup cricket viewers. Meanwhile, the utility’s engineers union has also been warning that additional thermal plants may be needed to bridge a […]

March 12, 2007 (LBO) – Sri Lanka Ports Authority (SLPA) Monday signed up two Chinese firms to build the proposed Hambantota Port in Southern Sri Lanka, with financing expected from the Chinese government. SLPA hopes the project will provide 6,000 direct employment and 50,000 indirect employment opportunities in the area, with nearby Matara, Ratnapura and […]

BEIJING, March 7, 2007 (AFP) – China will no longer allow new coal-based power generators with a capacity below 300,000 kilowatts to be built, hoping to alleviate pressure on the environment, state media reported Wednesday.New coal power generators should be equipped with facilities to reduce sulphur and soot emissions, the China Business News reported, citing […]

March 07, 2007 (LBO) –Mini hydro company Vidullanka has connected a new plant to the national grid the company said Wednesday, which can boost its energy production by more than 66 percent. Vidullanka which operates a 3.2 MegaWatt (MW) plant said a 2MW plant in Batatota has now been connected to Ceylon Electricity Board. The […]

March, 02 (LBO) – The Chinese government would finance up to 85 percent of a planned 420 million dollar a port in Sri Lanka’s southern Hambanthota district, the government’s information office said. “Following the bilateral discussions with the Chinese Government with President Rajapaksa, the Chinese President and Prime Minister have promised to hasten the aid,” […]

February, 27 (LBO) – Lanka IOC, a unit of Indian Oil Corporation emerging from a subsidy and pricing battle with the Sri Lanka government, has turned an operating profit for the past quarter, but interest costs still kept the firm in the red. The firm posted operating profits of 185 million for the quarter ended […]

February 22 (LBO) – The government of Sri Lanka hopes to purchase 100 train carriages from China to develop the island’s dilapidated railway network, officials said Thursday. The carriages will be purchased from China National Machinery Import and Export Corporation, Anura Yapa, Sri Lanka’s information minister said. Sri Lanka’s railway network was built by British […]

February, 15 (LBO) – Sri Lanka is to shortly unveil a new tiered tariff framework for renewable energy suppliers giving existing mini-hydros windfall sweeteners to change-over, officials said. Sri Lanka would be offering cost-based technology-specific and three-tiered tariffs for mini-hydro, biomass and wind energy. Mini-hydro standardized power purchase agreements already signed with the Ceylon Electricity […]