Category: Petroleum
Oil Options
August 28, 2006 (LBO) – Sri Lanka is trying to terminate an agreement with Norwegian survey company TGS Nopec and buy up three years worth of seismic data on potential oil deposits off the island’s coast for 10 million dollars. In an agreement between the government and TGS Nopec signed in 2002, the company would […]
Top Offers
August 28, 2006 (LBO) – Just over ten foreign and local firms put in bids for a license to market lubricants in Sri Lanka, when offers closed on Monday, a top official said. Sri Lanka threw open its lubricant market in July, calling for bids from interested investors to blend lubricants locally or import and […]
Double Blow
August 18 (LBO) – Mysterious grenade attacks and pricing problems have pushed down sales of the Sri Lankan subsidiary of Indian Oil Corporation, with the firm also eyeing a price hike in September to arrest losses. The fuel retailer found hand grenades in two of its fuel sheds in the heart of Colombo on Thursday, […]
Not liberal
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 […]
No Oil
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, […]
On Course
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, […]
Minor Adjustment
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 […]
Northern Lights
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 […]
And FYI
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) […]
Back to Mommy
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 […]
On the Boil
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 […]
Breakthrough
July 25, 2006 (LBO) – The Sri Lankan government bought two weeks grace period from petroleum sector trade unions late Tuesday, with fuel stocks expected to hit Colombo city by midnight. Unions struck work demanding Asantha de Mel, the head of a key petroleum facility is removed, as they feared his appointment was the first […]