Category: Petroleum

September 26, 2006 (LBO) – Lanka IOCs share prices perked up Tuesday after the Indian fuel retailer announced plans to ink a deal next week, which settles billions of rupees due from the Sri Lankan government. “Our ‘settlement agreement’ with the government of Sri Lanka on resolving the long pending subsidy issue is planned to […]

SINGAPORE, Sept 25, 2006 (AFP) – Oil prices fell back below 60 dollars in Asian trade Monday to their lowest level in six months, before regaining some ground, partly on easing concerns over Iran’s nuclear program, dealers said. At 2:40 pm (0640 GMT) New York’s main contract, light sweet crude for November delivery, was down […]

SINGAPORE, September 19, 2006 (LBO) – Sri Lanka said Tuesday it was moving towards eliminating oil subsidies that are threatening to blow a hole in the nation’s budget and asked lenders for financial help to tide over oil shocks. Public Administration minister Sarath Amunugama said the government has responded appropriately to the sustained sharp rise […]

SINGAPORE, September 16, 2006 (LBO) – Japan has come forward to help Sri Lanka expand its energy mix, with financial backing to build a liquefied natural gas power plant, a top official said. Sri Lanka’s Treasury Secretary P B Jayasundara says the government hopes to have an LNG (Liquefied Natural Gas) plant up and running […]

Sept 14 (LBO) – Sri Lanka is looking at oil futures to hedge against increasing crude prices and control the island’s runway oil bill next year, officials said. Sri Lanka is hoping to bring about a more stable macro-economic framework in the next few years and one such move to do this is to take […]

Sept 04 (LBO) – The government has shelved a bidding round for oil exploration until it sorts out a battle with Norwegian company TGS Nopec to buy up three years worth of seismic data. TGS Nopec conducted seismic surveys in the Mannar Basin since 2002, with the government trying to buy back the data for […]

Sept 04 (LBO) – Ceylon Petroleum Corporation said Monday that it would jack up fuel prices with effect from midnight Monday, to offset losses made by the state utility. Petrol will go up by Rs. 5.00 a litre to 101 rupees, diesel by Rs.3.00 to Rs. 67.00 a litre and kerosene, largely used by rural […]

August 30, 2006 (LBO) – The Asian Development Bank has dropped the second loan installment due to Sri Lanka, as the government is reluctant to push ahead with Ceylon Electricity Board’s reforms. The Manila based bank had earlier pledged 30 million dollars under a power sector project, with loan installments linked CEB reforms. Loan conditions […]

August 30, 2006 (LBO) – Dominant lubricant supplier Caltex Lanka Ltd is expecting a marginal drop in volumes this year as intensified fighting in the northeast dries up sales. Caltex says sales to the conflict zones accounts for around 10-12 percent of total volumes, and was growing steadily until hostilities erupted in July. Prior to […]

August 29, 2006 (LBO) – Indian fuel retailer Lanka IOC Ltd reported a net loss of 584.0 million rupees for the three months to June on Tuesday, citing unpaid subsidy payments of 116.0 million rupees due from the Sri Lankan government. A unit of the Fortune 500 Indian Oil Corp. the Sri Lankan unit ran […]