Category: Petroleum

May 11 (LBO) – The government has given state oil giant Ceylon Petroleum Corporation the go ahead for a feasibility study to double capacity at its Sapugaskanda refinery. “We have got Cabinet approval for a feasibility study as well as a million dollars to fund the study,” M H M Fowzie, Minister for Petroleum Resources […]

May 08 (LBO) – The Power Ministry said Monday that it would pump in funds to upgrade 100 state held fuel sheds, left over from privatising Sri Lanka’s retail fuel sector. Sri Lanka’s retail fuel market is shared by state oil giant Ceylon Petroleum Corporation and Indian Oil Corp., each holding a one third stake […]

May 2 (LBO) – Sri Lanka is setting up an upstream oil company as the country gets ready to auction several off-shore oil exploration blocks, Petroleum Minister A H M Fowzie said. An upstream petroleum company engages in exploration and production of oil. At present Sri Lanka imports crude oil and the state-owned Ceylon Petroleum […]

LONDON, Apr. 28 (AFP) – World oil prices eased Friday on receding worries over US motor oil supplies but held above 70 dollars per barrel on rising tensions over Iran’s disputed nuclear programme. UN nuclear chief Mohamed ElBaradei was expected to report that Iran had failed to meet Friday’s deadline to stop enriching uranium, opening […]

Apr.26 (LBO) – Lanka IOC, a unit of Fortune 500 Indian Oil Corportaion, is confident of maintaining uninterrupted supplies from their tank farm in Trincomalee, amidst rising military activity and closure of key roads in the North East area, a top official said. “We are maintaining our supply lines, in spite of security situation near […]

PARIS, Apr.24 (AFP) – While governments and consumers weep over the rise and rise of fuel prices, oil companies are rubbing their hands in glee. Last year the world’s 250 top oil companies earned profits totalling 243 billion euros (300 billion dollars), a 35-percent increase on 2004, and that in spite of hurricanes in the […]

SINGAPORE, April 21, 2006 (AFP) – Oil prices were lower in Asian trade Friday on profit-taking after recent sustained gains to record highs amid concerns over tight US gasoline (petrol) supplies and tensions over Iran’s nuclear ambitions, dealers said. At 11:15 am (0315 GMT), the June New York light sweet crude contract was at 72.96 […]

LONDON, April 20, 2006 (AFP) – World oil prices reached new historic peaks on Thursday, above 74.0 dollars in London and 72.0 dollars in New York, owing to mounting tensions over Iran’s nuclear programme and fears of gasoline shortages in the United States. In London, the price of Brent North Sea crude for June delivery […]

MADRID, Apr. 20 (AFP) – Consumers should carry the burden of higher oil prices, International Monetary Fund (IMF) chief Rodrigo Rato said in an interview published Thursday by the Spanish daily El Pais. Rato said it would be necessary to “pass on new energy prices to consumers”, and added: “There is a very clear message, […]

TEHRAN, Iran, Apr.19 (AFP) – Iran’s President Mahmoud Ahmadinejad has called on oil producers, in particular fellow OPEC members, to sell a part of their crude production to poor countries at “better prices”, the ISNA news agency reported Wednesday.“Oil producing countries, in particular OPEC members, could determine quotas for poor consumers with better prices,” the […]

LONDON, Apr.18 (AFP) – World oil prices hit record peaks on Tuesday above 72.0 dollars in London and close to 71.0 dollars in New York as the market fretted over possible military conflict between the United States and Iran.The price of New York’s light sweet crude hit a historic high of 70.88 dollars per barrel, […]