Tag: lbo
Safe Search
Mar 15, 2012 (LBO) – Sri Lanka is considering setting up a regional safety training for the oil and gas industry following the discovery of gas in its offshore waters, an official said. Saliya Wickramasuriya, the island’s Director General of Petroleum Resources Development, said safety training is an important requirement for the oil industry which […]
Price Signals
Mar 05, 2012 (LBO) – Sri Lanka’s Gampaha district in the Western province bordering the capital Colombo was the area with the highest kerosene consumption with most of it going to factories, the finance ministry said. Though there was a widespread belief that kerosene is consumed by poor households with no electricity including houses of […]
Burning Loss
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 […]
‘s central bank says S&P downgrade unwarranted
Feb 29, 2012 (LBO) – Sri Lanka’s Central Bank says an outlook and rating by Standard & Poor’s in the wake of balance of payments pressure is unwarranted because corrective steps have been taken by the government. S&P on Wednesday cut the outlook on Sri Lanka’s ‘B+’ foreign currency rating to ‘stable’ from ‘positive’ and […]
UK restricts skilled workers; allows servants, scientists
Mar 01, 2012 (LBO) – The United Kingdom has tightened immigration rules, ending automatic settlement for skilled workers but allowing scientists and those in low-paid jobs where there are worker shortages and limited stay for servants. œOur reforms of the immigration system will ensure we are more selective, not only about those who are allowed […]
Sri Lankan should flag social issues creatively: Bangladesh photo activist
Feb 28, 2012 (LB) – Bangladesh photographer, activist and social entrepreneur Shahidul Alam, challenged Sri Lankans to think creatively to flag social issues that grips the developing world. Driven by largely autocratic governments, developing nations like Sri Lanka battle veiled censorship, subtle military rule and commercial pressure that often suppress unsavoury topics. “Don’t let those […]
Fuel Protests
Feb 13, 2012 (LBO) – A steep fuel price increase in Sri Lanka to correct mounting economic imbalance and pressure on a currency peg has seen protests by bus operators and fishermen, reports said. Fishermen blocked a road on the main road to the capital Colombo from Negambo, a fishery centre, a media report said. […]
Price Hike
Feb 11, 2012 (LBO) – Sri Lanka has steeply raised the price of diesel partially correcting chronic mis-pricing between refined fuels in a move that could also help reduce loans taken by petroleum distributors and stabilize a weakening exchange rate. Diesel may be now priced just around cost when freight, port levies and taxes are […]
Oil Outline
Feb 10, 2012 (LBO) – Net profit for the December 2011 quarter of the Sri Lanka unit of Indian Oil Corporation rose 3. 5 percent to 623 million rupees from a year ago, with a sharp rise seen in finance costs. Lanka Indian Oil Corporation’s December 2011 quarter sales rose 15 percent to 15. 4 […]
Fuel Poser
Feb 10, 2012 (LBO) – Sri Lanka is considering raising retail prices of fuel because of rising world oil prices, petroleum industries minister Susil Premajayantha said. Sri Lanka’s future oil imports will cost more as international prices have increased owing to cold weather in the Western hemisphere and uncertainty caused by sanctioned against Iran, he […]
Sri Lanka reconciliation, secular republics in focus
Jan 23, 2012 (LBO) – Building a secular state can prevent oppression of minorities and victims of an arbitrary state should learn to forgive but must also speak out for change, writers participating in a literary festival in Sri Lanka said. India, a land of Maharajahs, became a democracy with voting rights and parliamentary legislating […]
Crude Options
Jan 23, 2012 (LBO) – Sri Lanka will be able to import crude from Iran for at least six months before US sanctions make it impossible for payments to be made to that country, a media report said. Sri Lanka’s The Sunday Times newspaper quoted petroleum minister Susil Premajayantha as saying that talks would be […]