Category: Petroleum

February 14 (LBO) – Sri Lanka’s national power utility has raised the tariff for existing mini-hydro plants by about 19 percent during the crucial wet season, when most of the power is generated. Colombo Stock Exchange has two listed mini-hydro plants, Vallibel Power Eratne and Vidullanka, whose margins are expected to improve with the new […]

February, 13 (LBO) – Ceylon Petroleum Corporation will hold fuel prices steady this month with the help of a tax cut on petrol, a top official said. The CPC is expecting a 5 rupee temporary lifting of excise duty on a litre of petrol, CPC Chairman Ashantha de Mel said. The CPC would have made […]

February, 13 (LBO) – Lanka IOC, a unit of the Indian Oil Corporation, is poised to grab more market share from the country’s dominant state-owned petroleum distributor and gain from a leaner cost base, an equities research house has said. LIOC shares slid below 30 rupees last year after disputed subsidy claims hit the firm’s […]

February 09 (LBO) – Sri Lanka will set up an agency to administer the renewable energy sector in Sri Lanka and also establish a fund to support newer forms of energy, a senior minister said. Sri Lanka’s cabinet of ministers had approved the setting up of Sustainable Energy Authority, but the draft law would have […]

February, 08 (LBO) – A decision by the Ceylon Petroleum Corporation to tender its liquid petroleum gas output in the open market will re-create an absolute monopoly, Sri Lanka’s second gas retailer has said. CPC which produces about 10 percent of the country’s annual L P gas requirements now sells its production to Laugfs Lanka, […]

February 07, 2007 (LBO) — Sri Lanka has asked governments of India and China to make a 100 million dollar deposit each, for securing a block to explore oil off the shores of the island, a top official said.“Out of the eight identified oil blocks we have given one each to India and China on […]

February 06, (LBO) – Ceylon Petroleum Corporation would call open tenders to sell the liquid petroleum gas produced at its refinery, Petroleum Minister A H M Fowzie said. Laugfs Gas, the company which had a 5-year contract to buy the LP Gas from Ceypetco had been given a 3-month extension until April 21. Laugfs now […]

Feb 06, 2007 (LBO) – Sri Lanka is boosting is postal service with thousands of new postmen, the country’s outgoing posts minister said. Former posts and telecommunications minister D M Jayaratne, who was replaced in a recent cabinet re-shuffle, said Sri Lanka post had received state approval to recruit 5,000 postmen and 4,000 substitutes. The […]

February 6 (LBO) – The Ceylon Petroleum Corporation will hedge up to a quarter of its diesel imports using options, with the first contract to be signed in a matter of days, officials said Tuesday.. Ceypetco wanted to cap the diesel import price at around 70 dollars a barrel, but the price had already moved […]

January 26, (LBO) – Ceylon Petroleum Corporation will purchase a tug to support tanker operations at its offshore petroleum unloading facility, a top official said.CPC Chairman Asantha de Mel says the tug is estimated to cost five million US dollars. “We will save about two million dollars a year that we are now paying to […]

January 25, 2007 (LBO) – Sri Lanka plans to raise over 1.2 billion dollars in foreign investments to develop real estate along a railway on the island’s western coastal belt, an official said Thursday. The railways operate at a huge loss with a revenue of three billion rupees each year against a state subsidy of […]