Category: Petroleum

August 18 (LBO) – Sri Lankan based gas distributor Laugfs, who wants to blend and produce lubricants locally, says conditions for entering the newly liberalized market is discriminating against domestic applicants. Last month, Sri Lanka invited new lubricant players to invest in the country, following interest from a few foreign companies, but a brand must […]

August 01, 2006 (LBO) – Sri Lanka says it may not entertain new investments into expensive oil fired power plants, under a proposed energy policy for the country published this week. The government shall not initiate or entertain any proposal either by electricity utilities or private developers to build power plants that will use oil, […]

August 01, 2006 (LBO) – Caltex Lanka Lubricants Tuesday reported a 16 percent spike in net profit after tax for the six months ended June this year, on the back of volume and price growth. Net profit after tax went up from 370 million to 429.7 million rupees for the first half of this year, […]

August 1, 2006 (LBO) – Sri Lanka’s state-owned Ceylon Petroleum Corp has raised fuel prices after a two-month lag to offset a surge in global oil prices, Petroleum Minister A H M Fowzie said. From midnight Tuesday: ¢ Gasoline costs 96.00 rupees (from 93.00 rupees) ¢ Diesel costs 63.00 rupees (from 61.00 rupees) ¢ Kerosene […]

July 31 (LBO) – Sri Lanka has called for interested investors to set up a power plant by end this year, to supply electricity to Jaffna in the island’s war torn north. The 35 megawatt power project will be on Build Own and Operate basis, under a power purchase agreement signed with state utility the […]

July 31, 2006 (LBO) – Indian oil retailer Lanka IOC Monday raised fuel prices across the board by 5.00 rupees a litre to keep pace with galloping crude oil prices, its Managing Director said. Effective from midnight: ¢ Petrol 90 costs 98.00 rupees (from 93.00 rupees) ¢ Petrol 95 costs 101.00 rupees (from 96.00 rupees) […]

July 27, 2006 (LBO) – Sri Lanka’s cabinet has transferred a third of petroleum assets held by the treasury to the state-run Ceylon Petroleum Corp, with immediate effect, government spokesman Anura Yapa said Thursday. Under the cabinet decision, around 3,500 CPSTL staff will rejoin the CPC workforce. The assets — which comprises 107 fuel sheds […]

July 26, 2006 (LBO) – Fears of another fuel shortage were sparked off on Wednesday as the government refused to give in to trade union demands and said it would seek a court order restraining unions. “We are trying to get a court order tomorrow (Thursday) for the newly appointed Chairman Asantha de Mel to […]

July 24 (LBO) – An ongoing strike by trade unions at Sri Lanka’s petroleum distribution facility could cripple supplies at fuel sheds, if it continues over the next few days, top officials said. Unions are demanding the removal of a newly appointed chairman to a common infrastructure facility, Common Petroleum Storage Terminals Ltd (CPSTL). The […]

LONDON, July 21, 2006 (AFP) – Oil prices firmed on Friday but remained below recent record peaks as traders paused for breath after a week of volatile trading, dealers said. New York’s main contract, light sweet crude for delivery in September, added 10 cents to 74.37 dollars per barrel in electronic deals before the official […]

July 18, 2006 (LBO) – Sri Lanka is taking a hard look on how to manage subsidising fuel prices amidst a worsening Middle East crisis that is threatening to send oil prices even higher. “Right now the middle east is entering into a sixth day of intensified conflict,” Treasury Secretary P B Jasundera said Tuesday […]