Tag: Industry

SHANGHAI, Nov 5, 2007 (AFP) – PetroChina became the world’s largest company by market value Monday, worth nearly one trillion dollars — double the value of ExxonMobil — as its shares surged in their debut on the Chinese mainland. The milestone underlined the ongoing boom on Chinese markets, which have been flooded with ready cash […]

June 29, 2007 (LBO) – Sri Lanka has raised fuel prices by around 5 percent almost two months after the last price increase, after allowing petroleum utilities to run huge losses and the national currency to come under pressure. . Standard 90-octane petrol would increase by 5 rupees to 111 while standard auto Diesel would […]

June 22, 2007 (LBO) – Sri Lanka is boosting pipe-borne water supply to the capital Colombo by expanding two water treatment plants, a senior government minister said. The National Water Supply and Drainage Board has negotiated a loan from Hungary to expand the treatment plants at Labugama and Kalatuwawa reservoirs, Information Minister Anura Yapa said. […]

May 10, 2007 (LBO) – Sri Lanka’s national power utility has started to restore power to the capital Colombo following an island-wide power failure, officials said. A failure in the transmission line from the Kelanitissa power generation complex to Biyagama, in the outskirts of Colombo, is believed to have set off a chain reaction, causing […]

February, 20 (LBO) – Ceylon Petroleum Corporation wants to hedge 300,000 barrels of diesel before the end of the month, but is looking for better upside protection, an official said. Firms like Sri Lankan airlines hedges more than 70 percent of its oil though it is done by Emirates in Dubai. Last week it bought […]

January 31 (LBO) – Sri Lanka’s state petroleum utility expects to just break even or make a marginal profit in 2006, after a government price supplement subsidy was withdrawn, an official said. Ceylon Petroleum Corporation’s retail prices were state controlled, but the treasury gave it a price supplement until last year based on a formula […]

January 25, 2007 (LBO) – Sri Lanka plans to import more refined petroleum products as its sole refinery shuts down for routine maintenance next week, a top Ceylon Petroleum Corporation said Thursday.The Sapugaskanda refinery which has a daily output of 50,000 barrels producing a mix of diesel, kerosene, gasoline, furnace oil and naphtha, is closed […]

Sept 15 (LBO) – Lanka Indian Oil Corp., will drop fuel prices again from Friday to recover a 50 percent loss in volumes due to price wars with Sri Lanka’s state oil corporation. We will be reducing our prices by one rupee on a litre of petrol and diesel with effect from midnight Friday. It […]

Sept 11, 2006 (LBO) – Oil will feature high on the agenda when Commonwealth finance ministers meet in Colombo, with delegates due to share ideas on how small countries like Sri Lanka can tide over soaring costs of crude. “Major issues being taken up will be high oil prices in addition to trade related issues […]

August 28, 2006 (LBO) – Just over ten foreign and local firms put in bids for a license to market lubricants in Sri Lanka, when offers closed on Monday, a top official said. Sri Lanka threw open its lubricant market in July, calling for bids from interested investors to blend lubricants locally or import and […]

July 25, 2006 (LBO) – The Sri Lankan government bought two weeks grace period from petroleum sector trade unions late Tuesday, with fuel stocks expected to hit Colombo city by midnight. Unions struck work demanding Asantha de Mel, the head of a key petroleum facility is removed, as they feared his appointment was the first […]

June 18, 2006 (LBO) – Sri Lankans have been urged to crawl under the sheets early, turn up the heat on air-conditioners and give up late night football to save energy¦..or not. But despite the best laid plans, “what people really respond to is price”, Siyambalapitiya says, over any real goodwill to dim the lights […]