Category: Petroleum

July 17 (LBO) – The government has agreed to amend lubricant tariffs, narrowing the gap between lube imports and raw materials like base oil, to spur competition in the sector. New investors will also be allowed to blend lubricants locally, though the small size of the local lube market is widely expected to support just […]

VIENNA, July 17, 2006 (AFP) – Developments in the oil industry should help cool crude prices in 2007 but the market will remain vulnerable to geopolitical tensions, OPEC said in its July report published Monday. “The expected increase in OPEC capacity, combined with the projected decline in required OPEC crude, should help to moderate prices,” […]

July 16, 2006 (LBO) – Sri Lanka Sunday invited new lubricant players to invest in the country, following interest from a few foreign companies. The government’s privatisation unit, PERC, said new players can either: 1) import, export, blend, produce, supply, distribute and sell lubricants in Sri Lanka; or 2) import, export, supply, distribute and sell […]

July 13, 2006 (LBO) – Emirates based Star Petro Energy LLC, has secured Sri Lankan government consent to build the country’s second oil refinery in the south of the island, the government said Thursday. Built at a cost of around 1.5 billion dollars, the refinery’s entire output will be shipped to overseas markets, Media Minister […]

July 13, 2006 (LBO) – Ceylon Petroleum Corporation has temporarily shelved plans to get back into the gas business, extending a five year agreement with Laugfs Gas that ends in October this year. The two sides have been in talks, with the supply agreement to be extended by another two years from October, a top […]

July 11 (LBO) – Sri Lanka’s energy minister wants nine billion rupees from the Treasury to settle Ceylon Petroleum Corp’s subsidy bill, as the Treasury tries to free up pricing. We will not raise prices, but we have asked the Treasury for nine billion rupees from January to date to settle CPC’s subsidy bill, or […]

July 9, 2006 (LBO) – Sri Lanka will continue to subsidise retail fuel prices in the absence of a new pricing formula, as Colombo threatened to takeover Indian Oil Corp’s local unit if they fail to resume gasoline sales, officials said Sunday. Sri Lanka is a net oil importer, with fuel shipments doubling to 1.6 […]

July 9, 2006 (LBO) – Sri Lanka’s main opposition charged that weak economic management was the cause of galloping inflation in the country and not oil prices.“The government is hiding behind the bunker of oil price rises and driving up inflation by printing money and banks borrowings,” United National Parliamentarian and former Deputy Finance Minister […]

June 30, 2006 (LBO) – Ceylon Petroleum Corp or Ceypetco has developed a lower octane gasoline for use in three wheelers, motorbikes, the island’s sole oil refiner said Friday. The ‘RON 87 petrol’ has been developed by CPC scientists and engineers to ensure three-wheelers have the right formula for fuel. CPC says three-wheeler taxis can […]

June 29 (LBO) – All consumers who save electricity will get a 10 percent discount on their next bill, while low usage will also be rewarded with free energy saving bulbs. The first 30 units will be exempt, while usage between 31 and 90 units will be charged an extra one rupee a unit, and […]