Tag: lbo
Sri Lanka frees ex-army chief from prison
May 21, 2012 (LBO) – Sri Lanka former army chief Sarath Fonseka walked out of prison on Monday to a hero’s welcome, after President Mahinda Rajapakse ordered his release. Fonseka unsuccessfully tried to unseat Rajapakse in the January 2010 presidential election. The two fell-out as to who should take credit to crush the Tigers in […]
Break Even
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. […]
Offshore Potential
April 24, 2012 (LBO) – Cairn India which struck gas in two offshore wells in Sri Lankan waters last year has indicated that at least one may have commercial potential so far. The company found natural gas in two of three test wells drilled in the Mannar Basin, off the island’s north-west coast, called the […]
Oil Storage
April 09, 2012 (LBO) – Indian Oil Corp. ‘s Sri Lanka unit plans to invest about 35 million US dollars to expand an oil tank farm in the eastern port of Trincomalee to store and export products, an official said. Since taking over operations of the China Bay tank farm ten years ago in 2002, […]
Petro Deal
Mar 31, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has struck a deal to import 500 million US dollars of petroleum products from Vietnam over the next six months, ambassador Ton Sinh Thanh said. Ambassador Thanh told an economic forum organized by the Institute of Policy Studies and the embassy of Vietnam that […]
American Indulgence
Mar 25, 2012 (LBO) – A concession granted by the United States to Sri Lanka on its sanctions on Iran means the island would not face an immediate total ban on importing crude from the Persian Gulf country, a report said. United States has asked Sri Lanka to scale down crude oil imports from Iran […]
Sri Lanka economic sanctions ruled out by US
Mar 21, 2012 (LBO) – The United States will not push for economic sanctions on Sri Lanka despite calls for a probe into alleged war crimes, Robert Blake, a top US State Department official said in an exclusive interview. But the government needs to move faster on reconciliation between the island’s main communities after the […]
Oil Opportunity
Mar 20, 2012 (LBO) – A wide range of business opportunities is opening up for Sri Lankan companies in the emerging hydrocarbon exploration and production programme after two offshore gas strikes by Cairn India, an official said. These range from providing banking and financial services, oil well insurance, risk management, and training to catering services […]
Sri Lanka business groups oppose UN war crimes resolution
Mar 20, 2012 (LBO) – Sri Lanka’s business chambers have opposed a resolution in the United Nations Human Rights Council against alleged war crimes in the campaign that crushed Tamil Tiger separatists. “The joint Chambers of Commerce of Sri Lanka express concern over the resolution to be tabled at the UNHRC against Sri Lanka,” they […]
Sri Lanka might lose Indian support on war crimes issue: reports
Mar 19, 2012 (LBO) – India might vote against Sri Lanka in the United Nations Human Rights Council which is debating alleged war crimes in the island, news reports quoted Indian prime minister Manmohan Singh as saying. Tamil Nadu political parties have been urging the Indian government to take a strong stand on the atrocities […]
Lube Location
Mar 19, 2012 (LBO) – Chevron Lubricants Lanka, a unit of the US based group said it will re-locate its blending and packing plant with the end of a land lease with a state-run petroleum firm. “In order to sustain the long term growth of the business, the Board has made a decision to relocate […]
Oil Agenda
Mar 15, 2012 (LBO) – Sri Lanka will auction shallow water blocks in the Mannar Basin to oil exploration companies soon following the discovery of gas by Cairn India in two of three test wells, an official said. Total of France is one of the oil majors which have shown interest in Sri Lanka. “They […]