Category: Petroleum
Chevron Lubricants Lanka (LLUB) in Decline as CEO Kishu Gomes Exits
June 12, 2018 (LBO) – On May 22, 2018 Kishu Gomes resigned as Managing Director/CEO and as a Director of Chevron Lubricants Lanka with ‘immediate effect’ as per stock exchange disclosure. He was immediately replaced by the company’s Chairman Rochna Kaul, who has served as General Manager Chevron Lubricants in Pakistan. The abrupt resignation came […]
Sri Lanka signs agreement for gas exploration services
May 31, 2018 (LBO) – Sri Lanka’s Minister of Petroleum Resources Development, signed an agreement with Eastern Echo DMCC, subsidiary of a major oilfield services company Schlumberger, Wednesday to explore prospects for oil and gas resources in selected offshore areas of the island. The company will collect, market and license of petroleum data on “multi-client” basis, enabling […]
Kishu Gomes steps down as CEO of Chevron in Sri Lanka
May 23, 2018 (LBO) – Chevron Lubricants Lanka said that Kishu Gomes will be stepping down as Managing Director and Chief Executive Officer of the company effective 22, May 2018. In a stock exchange filling the company said that Rochana Kaul will be replacing Gomes with intimidate effect in an acting capacity. Kaul is General Manager of […]
Laugfs Gas urges Govt to introduce transparent mechanism for LPG pricing
May 18, 2018 (LBO) – Sri Lanka’s liquid petroleum gas (LPG) prices should be adjusted using a pricing mechanism that is transparent, impartial and fair, Laugfs Gas said issuing a statement. There have been significant changes in the LPG prices in the international market, which has had a detrimental impact on the local LPG industry, it said. […]
Distributors smuggle Rs10mn worth fuel on the day prices hiked
May 17, 2018 (LBO) – Ceylon Petroleum Storage Terminal (CPSTL) has incurred a loss of around 10 million rupees on the day fuel prices hiked.Initial investigation has revealed that 52 bowsers from Kolonnawa and 22 bowsers from Muthurajawela terminal have released fuel using the ‘Same Day System’.As per the accepted practice, same day orders should […]
Iranian companies to provide tech and engineering services to Sri Lanka
May 14, 2018 (LBO) – Iranian President Hassan Rouhani said that relations between Iran and Sri Lanka will be developed in all fields, stressing that the two countries have reached good agreements in economic fields of mutual interest to both. He said that Iranian companies are ready to provide technical-engineering services to Sri Lanka. “Relations between […]
Sri Lanka to revise fuel price every two months
May 11, 2018 (LBO) – Fuel prices in Sri Lanka will be revised every two months under a new cabinet approved pricing formula, Finance Minister Mangala Samaraweera said. “We will be reviewing according to the Platts Singapore benchmark prices,” he told reporters in Colombo. “This means the price could either increase or decrease.” Sri Lanka […]
Sri Lanka hikes petrol, diesel prices: Cabinet approves fuel pricing formula
May 10, 2018 (LBO) – Sri Lanka has increased the prices of petrol and diesel following a cabinet decision to approve a fuel pricing formula. Petrol (92 octane) will increase to 137 rupees and petrol (95 octane) will be increased to148 rupees. Auto diesel will go up to109 rupees while super diesel will be sold at […]
PUCSL hold public consultation on draft regulatory tools of lubricants
Apr 26, 2018 (LBO) – The Public Utilities Commission of Sri Lanka (PUCSL), shadow regulator of the lubricant industry held a public consultation session on the draft regulatory tools related to quality and price of lubricants, recently. “The necessity of having an effective and independent mechanism for ensuring product quality, fair prices and protecting the […]
‘s CPC receives overhaul to boost efficiency
Apr 19, 2018 (LBO) – The Ceylon Petroleum Corporation’s (CPC) Sapugaskanda Oil Refinery successfully completed a 35-day overhaul and renovation programme recently, aimed to boost efficiency, reliability and productivity of the refinery. The 50-year-old facility,which is the only oil refinery in Sri Lanka, refines imported crude oil to supply 30 percent of the energy demand […]
Cabinet approves proposal to conduct feasibility for India, Japan aided LNG terminal
Feb 28, 2018 (LBO) – Sri Lanka’s cabinet on Tuesday approved a proposal to conduct a feasibility study for the proposed Liquefied Natural Gas (LNG) Terminal and the Floating Storage Regasification Unit (FSRU). Accordingly, Sri Lanka will sign a tripartite MoU with India and Japan soon to conduct a feasibility study. Cabinet has also decided […]
LAUGFS to set up cylinder manufacturing plant in Bangladesh
July 17, 2017 (LBO) – LAUGFS Gas Bangladesh, part of the diversified Sri Lankan multinational LAUGFS Holdings, said it is planning to set up a cylinder manufacturing plant in Bangladesh. LAUGFS Gas Bangladesh currently operates a world-class LPG import, bottling and distribution facility in Mongla Port, the company said. It serves domestic and industrial segments […]