Category: Petroleum

Mar08 (LBO) – The Treasury is to fork out a subsidy for wood based electricity generation, making tariffs for dendro-power higher and more investor-attractive. State utility, Ceylon Electricity Board (CEB) pays private developers who supply electricity to the national grid, on the basis of a Standard Power Purchase Agreement. Suppliers like mini-hydros are paid on […]

Mar 07 (LBO) – The Treasury has settled Rs. 500 million in unpaid subsidy bills due to Lanka Indian Oil Corp., weeks after the company’s accounts took a hit to make provision for the unpaid claims. “We received a part payment of Rs. 500 million on March 01 from the Treasury,” K Ramakrishnan, Managing Director […]

Mar. 03 (LBO) – Sri Lanka is looking at the possibility of getting into a partnership with foreign governments to explore oil off the island’s western coast, a senior official said Friday. Two rounds of seismic surveys conducted by Norway’s TGS-NOPEC have shown that Sri Lanka may have oil and natural gas reserves in the […]

The woes the Indian state oil giant IOC’s Sri Lankan unit continues, as the firm took an unprecedented hit on its accounts to provision off a disputed subsidy due from the government. Lanka IOC’s profits for the 9-months ended December 2005 slipped deep into red after the company made a provision of Rs. 7 billion […]

Feb 22 (LBO) – Some workers at Sri Lanka’s state owned power utility struck work on Wednesday in protest over unpaid wages, without disrupting power supplies. The politically affiliated Viduli Sevaka Sangamaya (VSS) said they would be on a ‘sick-note’ campaign, not reporting to work until 4.00 pm on Wednesday evening. The Ceylon Electricity Board […]

Feb. 21 (LBO) – About 50 public sector trade unions called off a planned strike, giving the government a ten day ultimatum to sort out salary anomalies. Unions want the government to give low and middle level public sector workers higher wage increases, instead of the 25 percent or less approved by a government circular […]

Reports that the treasury has set off tax liabilities of the Ceylon Petroleum Corporation against the full subsidy due from the government, has raised expectations that Lanka IOC would also get the full subsidy owed to it. The treasury has agreed to set off Rs. 25 billion in taxes due to the government, a top […]

Reports that the treasury has set off tax liabilities of the Ceylon Petroleum Corporation against the full subsidy due from the government, has raised expectations that Lanka IOC would also get the full subsidy owed to it. The treasury has agreed to set off Rs. 25 billion in taxes due to the government, a top […]

Feb. 15 (LBO) – Smaller lubricant players are asking the Sri Lankan government to scrap a five-year license fee and instead opt for a 0.5 percent tax on each firm’s turnover, an industry official said Wednesday. Last month, Sri Lanka doubled licence fees for lubricant operators fixing it at Rs. 10 million (US$ 100,000) for […]

Feb. 13 (LBO) – Sri Lanka’s Richard Pieris Group, owners of the ‘Arpico’ brand, are ploughing Rs. 150 million to generate energy off trees, a top official said. The Group’s core strengths lie in rubber and rubber products, tyres, plastics, retailing and plantations, which includes tea. Richard Pieris recently extended their reach into the real […]

Feb 10 (LBO) – Lanka IOC, a unit of Indian Oil Corporation, may have to re-state their published accounts if the Sri Lankan government does not pay the full amount of the money claimed as subsidies, a top official said. The company is claiming sales of Rs.17.5 billion for the six months ended September 2005, […]