Category: Petroleum

May 17 (LBO) – Petroleum retailer Lanka IOC, Friday reported a 7.1 billion rupee loss for the year ended March 31, as the Sri Lankan government fail to settle its subsidy bills. A unit of the Fortune 500 Indian Oil Corp., LIOCs financial health has been deteriorating since total subsidy claims climbed up to 7.695 […]

May 17, 2006 (LBO) – Runaway global oil prices is expected to cost Sri Lanka 2,250 million dollars this year, the government said Wednesday, in a broad hint that a retail fuel price revision was around the corner. Sri Lanka is a net oil importer, with last year’s fuel bill climbing up to 1.64 billion […]

May 16 (LBO) – A top economist tells Sri Lanka not to delay petroleum pricing reforms by taking cover behind potential oil reserves. Sri Lanka is a net oil importer, with a fuel bill in the region of 1.6 billion dollars (160 billion rupees) last year, over 800 million dollars the year before, driven upwards […]

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 […]