Tag: lbo
Sri Lanka citizens group calls for changes to upcoming bill
Jan 06, 2012 (LBO) – Friday Forum, a Sri Lankan citizens group has called for changes to an upcoming bill on a new agency called Divineguma Development Department and has called upon parliament not to impose it on the Northern Province with a two thirds majority. The full statement is reproduced below Friday Forum on […]
Oil Deals
Colombo, 2012 (LBO) – Sri Lanka is buying refined products from State-run Vietnam Oil and Gas group (PetroVietnam) favourable terms and is also getting credit facilities, petroleum minister Susil Premajayantha said. Sri Lanka’s state-run petroleum refinery, which is more suited processing Iranian crude has had trouble with other types after it became more difficult to […]
Sri Lanka court summons Speaker, legislators to review impeachment
Dec 21, 2012 (LBO) – Sri Lanka’s court of appeal has summoned parliamentary Speaker and legislators who were in a committee that found the Chief Justice guilty of misconduct in controversial circumstances. Sri Lanka’s Chief Justice Shirani Bandaranayake went court asking to quash the decision of the committee saying she was denied natural justice, the […]
Petro Hikes
Dec 15, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation, has raised petrol by 10 rupees to 159 and two grades of furnace oil but kept diesel and kerosene prices unchanged petroleum minister Susil Premajayantha said. Underpriced energy funded with bank loans, which are ultimately accommodated by central bank credit (printed money) causes frequent […]
Crude Block
Dec 10, 2012 (LBO) – Sri Lanka is unable to import crude oil from Iran despite a sanctions waiver by the United States, because banks are wary of opening letters of credit fearing blacklisting, a media report said. Sri Lanka’s The Sunday Times newspaper said state-run Ceylon Petroleum Corporatio, which used to buy Iranian light […]
Lube Shift
Dec 07, 2012 (LBO) – Sri Lanka’s Chevron Lubricants Plc, the island’s market leader, said it will shift a blending plant to an industrial estate by July 2014 at an estimated cost of 15 million US dollars. Chevron Lubricant, a privatized unit has facilities on state land. The firm said it is gettubg 4.5 acres […]
Sri Lanka to boost, tourism, investment links with Kazakhstan
Nov 23, 2012 (LBO) – Sri Lanka is expecting closer economic ties with Kazakhstan following a visit to the country by President Mahinda Rajapaksa, the state information office said. The information office quoted President Rajapaksa as saying that the two countries will commence negotiations on economic and technical co-operation, avoiding double taxation, investment protection and […]
Bidding Round
Nov 15, 2012 (LBO) – Sri Lanka will offer up to ten offshore oil blocks in a bidding round that may start as early as next month, Saliya Wickramasuriya director general of the island’s petroleum exploration office said. Blocks will be offered around the island ranging from the Western coast and curving over the north […]
Oil Gains
Nov 12, 2012 (LBO) – Lanka IOC, a unit of Indian Oil Corporation said profits in the September 2012 quarter rose 327 percent from a year earlier, partly helped by foreign exchange gains. The firm reported earnings of 2.22 rupees per share. In the six months to September the firm reported earnings of 2. 58 […]
Unhedged
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 […]
Lube Sentiment
Oct 30, 2012 (LBO) – Sri Lanka’s Chevron Lubriants unit said profits fell 13 percent to 521 million rupees in the September 2012 quarter from a year earlier poor market sentiment and a price hike due to currency depreciation hurting consumption. Revenues grew by a marginal 2.9 percent to 3.0 billion rupees from a year […]
Sri Lanka Tamil Tiger leader in charity work
COLOMBO, Oct 17, 2012 (AFP) – The last leader of Sri Lanka’s Tamil Tigers, who is wanted by India over the assassination of former premier Rajiv Gandhi, has been freed from military custody, the defence ministry said Wednesday. Selvarasa Pathmanathan, who was arrested in August 2009, was no longer in detention and was free to […]