Sri Lanka threw open its lubricant market last July, calling for bids from interested investors to blend lubricants locally or import and sell packed products.
Five firms, Bharat Petroleum (India), Gulf Oil International, Motul (France), Total S.A. (France) and Sinopec (China) has been allowed to trade and distribute lubricants, Information Minister and Cabinet Spokesman Anura Yapa said.
Lanka Indian Oil Corporation has also been allowed to start a lube blending plant in Sri Lanka, ending a monopoly by Caltex Lubricants, the Sri Lankan arm of Chevron Texaco.
Laugfs – a local petroleum retailer, who is already in the Liquefied Petroleum Gas business in Sri Lanka, has been given provisional approval subject to completion of additional requirements.
Toyota Tsushu Corporation and Waxpol International Industries were also given provisional approval subject to completion of remaining requirements.
"The government of Sri Lanka will enter into relevant lubricant agreements with the fo