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Awarding the ISO 45001:2018 Certification

Retail fuel giant Lanka IOC Ltd.’s could be heading for a bleak Christmas as US$ 71 million worth of unpaid subsidy bills, due from the Sri Lankan government, pile up. Retail fuel giant Lanka IOC Ltd.’s could be heading for a bleak Christmas as US$ 71 million worth of unpaid subsidy bills, due from the Sri Lankan government, pile up. Lanka IOC – a unit of Indian Oil Corp., — recently said its second quarter earnings plunged 69 percent to 175.1 million over the corresponding period 2004, on record world crude prices and government imposed subsidies.

“We are a poor corporate citizen this season….. now living off bank borrowings to meet our working capital requirements,” LIOC’s Managing Director, K Ramakrishnan told LBO on Friday.

Todate, the government has re-paid only Rs. 400 million.

“We are still talking to the treasury. They have not given us any indicative dates yet, but it’s a lot of money that’s being held up,” he said.

Prior to the recent presidential poll, the government was in talks to partly offset LIOC’s subsidy monies by offering assets, treasury bonds and cash.

Presently the fifth biggest stock on the Colombo Stock Exchange in term