Tag: Industry

May 28, 2013 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has re-started its 50,000 barrels per day refinery after a crude carrier started discharging cargo through a repaired pipeline, the island’s petroleum ministry said.. The off-shore single point buoy mooring system and pipeline through which crude is unloaded and brought to the refinery was […]

Nov 02, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has lost a 60 million dollar arbitration claim over oil derivatives against Deutsche Bank, a media report said. Reuters a news agency said a US based arbitrator has rule in favour of Deutsche Bank. “It’s against us,” the agency quoted Sri Lanka’s Attorney General […]

Sept 05, 2012 (LBO) – Indian Oil Corporation’s Sri Lanka unit, Lanka IOC has called for a pricing formula for retail fuels which keeps parity with import prices a call that has been echoed by other economists and analysts. “It would help everyone if the Government of Sri Lanka could evolve a long-term pricing formula […]

May 16, 2012 (LBO) – Lanka IOC, a unit of Indian Oil Corporation made profits of 41 million rupees in the March 2012 quarter, recovering from a 111 million rupee loss a year earlier interim accounts showed. Petrol and diesel retail prices were raised in February. The firm reported earnings of 8 cents per share. […]

Mar 03, 2012 (LBO) – Giving subsidized furnace oil to a state-run power utility was the main main source of losses at a petroleum utility, while the private firms also made higher profits due to cheap power, the finance ministry said. The finance ministry said state-run Ceylon Petroleum Corporation lost 90 billion rupees in 2011 […]

Mar 10, 2011 (LBO) – Most of the loss of Ceylon Petroleum Corporation, Sri Lanka’s state-run petroleum retailer is due to subsidized sale of furnace oil to a state power utility, the island’s oil minister has said. Furnace oil which cost the CPC 81 rupees a liter is sold to the Ceylon Electricity Board (CEB) […]

GENEVA, December 4, 2009 (AFP) – The UN refugee agency said on Friday that it was encouraged by “increased freedom of movement” for war-displaced civilians in Sri Lanka who have been in internment camps in the north of the island. “We are encouraged by the Sri Lankan government’s long-awaited decision this week to allow increased […]

Oct 25, 2009 (LBO) – Workers at Sri Lanka’s state-owned oil refiner said they plan to resume normal work Monday, ending a four-day work-to-rule action that created fuel shortages.Ceylon Petroleum Corporation (CPC) labour unions launched the action Thursday to back demands for a pay hike. Their action disrupted fuel supplies, resulting in long queues outside […]

April 30, 2009 (LBO) – Sri Lanka’s two liquid petroleum gas suppliers, a unit of multinational Shell Gas, and the locally owned Laugfs Gas, said they will raise prices from midnight Thursday.It said prices were cut in November 2008 and January 2009 because of lower import costs. “Import costs for February and March 2009 have […]

Jan 01, 2009 (LBO) – Shell Gas Lanka, the Sri Lankan unit of the Shell multinational, said a new government tax and its inability to buy locally made liquid petroleum gas is preventing it from further reducing prices.It said in a statement that the government has imposed a special tax of eight rupees per kilogramme […]

Dec 24, 2008 (LBO) – The Sri Lanka unit of the Indian Oil Corporation, which slashed petrol prices in response to a Supreme Court order, raised the retail prices back to the earlier level of 122 rupees Wednesday. The entire capital budget of the government is also financed out of debt, and the government has […]