Tag: news
Diversifying Strategy
Feb 18, 2013 (LBO) – LankaIOC, a unit of Indian Oil Corporation is planning to deal in petrochemicals such as polyethylene and polypropylene, to diversify its product portfolio, an official said.Dakwale told reporters earlier this month that the firm was planning to retail Euro III grade diesel following a request from Sri Lanka’s motor sector.It […]
Petro Balance
Feb 15, 2013 (LBO) – Profits at Lanka IOC, a Sri Lanka unit of Indian Oil Corporation rose 16 percent to 728 million rupees in the December 2012 quarter from a year earlier, partly helped by forex gains, an official said. About 27 percent of the retail price of petrol is made up of government […]
Diesel Standard
Feb 12, 2013 (LBO) – Indian Oil Corporation’s Sri Lanka unit said a shipment of diesel which had been held up at Colombo port following a quality test was found to be off specification in colour and appearance and not in core chemical properties.In some countries colour is not a criteria and in Sri Lanka […]
Sri Lanka should end secrecy of parliamentary committees: legislator
Feb 11, 2013 (LBO) – Sri Lanka should consider ending secrecy surrounding the proceedings of parliamentary committees, a member of the legislature’s committee on public accounts (COPA) has said.Before liberty properly developed in Britain, whose parliamentary traditions Sri Lanka sometimes claim to follow, all proceedings in the legislature were secret. Newspaper editors were punished and […]
Sri Lanka parliamentary probe on retirement fund halted mid-way: legislator
Feb 09, 2013 (LBO) – A probe by a parliamentary committee on investments made by a state controlled retirement fund of private sector workers had been halted mid-way, an opposition legislator has said.Harsha de Silva, an opposition member told parliament that proceedings at a parliamentary committee examining investments by the Employees Provident Fund managed by […]
Former US envoy to Sri Lanka passes away
Feb 06, 2013 (LBO) – Former ambassador to Sri Lanka and the Maldives Christopher Van Hollen had passed away on January 30, in Washington, the US embassy in Colombo said.He was a career member of the US Foreign Service, and his son Chris Van Hollen Jr, represents Maryland in Congress. He was 90 years old. […]
Sri Lanka President calls for religious harmony
Feb 04, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa called for religious harmony on the island’s Independence Day amid recent violence and rhetoric directed against the island’s Muslim minority by nationalist groups.Bhuddism, which is followed by a majority of the inhabitants of Sri Lanka came to the island from the Indian subcontinent and advocates […]
Sri Lanka should uphold rule of law, more international scrutiny ahead: UK minister
Feb 03, 2013 (LBO) – Sri Lanka should uphold rule of law and be committed to respect human rights to ensure that a planned Commonwealth summit in the island is well-attended, visiting UK foreign minister Alistair Burt has said.Sri Lanka is expected to host a Commonwealth Heads of Government Meeting (CHOGM), but countries including Canada […]
Margin Matter
Jan 30, 2013 (LBO) – Sri Lankan suppliers of fuel to ships could be pushed out of business if a new tax is implemented, shipping officials and tax experts have warned. The trade has begun lobbying for the withdrawal of the five percent Ports and Airports Development Levy, (PAL) which they say could force them […]
Debt Protection
Jan 28, 2013 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board may be asked to import fuel directly to protect the main petroleum distributor from mounting unpaid dues, a media report said.A temporary surcharge on electricity was imposed in February 2012 as part of measures to avert a balance of payments crisis partly triggered by […]
Sri Lanka reshuffles cabinet, new ministers appointed
Jan 28, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa has re-shuffled the cabinet appointing 10 new ministers, two project ministers and six deputy ministers, the state information office said. The ministry of petroleum has gone to Anura Yapa, power to Pavithra Wanniarachchi and technology and research to former power minister Champak Ranawaka. Laxman Yapa […]
Oil Law
Jan 26, 2013 (LBO) – Sri Lanka will update its petroleum exploration law to bring the rule in line with the latest international practices, information minister Keheliya Rambukwelle said.Amendments to Sri Lanka’s Petroleum Resources Act, No.26 of 2003, have been approved by the cabinet of ministers, he said. The changes proposed by President Mahinda Rajapaksa […]