Tag: news
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 […]
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 […]
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 […]
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 […]
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 […]