Category: Petroleum

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 […]

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) – 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, 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 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 […]

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 […]

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 […]