Tag: Petroleum
Sri Lanka’s CPC will stop bank borrowings to pay taxes against CPC act: Minister
May 21, 2015 (LBO) – Sri Lanka’s state-owned petroleum refiner Ceylon Petroleum Corporation (CPC) is to discontinue the process of paying taxes out of borrowed money from banks, Power Minister Champika Ranawaka said. “We will not pay taxes which are against the CPC act, the era that we paid taxes by borrowing from banks is […]
Sri Lanka Chevron Lubricants net up 20-pct
July 28, 2014 (LBO) – Sri Lanka’s Chevron Lubricants said profits rose 20 percent to 675 million rupees in the June 2014 quarter from a year earlier helped by wider margins.The firm reported earnings of 5.63 rupees per share for the quarter.For the six months to June the company reported earnings of 11.99 rupees on […]
Sri Lanka to re-start oil refinery
July 16, 2014 (LBO) – Sri Lanka has repaired an offshore unloading buoy allowing state-run Ceylon Petroleum Corporation to re-start its refinery which was closed due to lack of crude stocks, the petroleum ministry said.The buoy was repaired on July 15 and 50,000 barrels were unloaded yesterday, the ministry said, allowing the refinery to start […]
Sri Lanka finds better alternative to Iranian crude: minister
June 27, 2014 (LBO) – Sri Lanka has found a better alternative to Iranian oil to feed its ageing refinery which was not able to get high yield of light distillates from processing other types of crude, Petroleum Minister Anura Yapa said.Yapa denied that Sri Lanka has imported Iranian crude through third parties, though reports […]
Sri Lanka looking for alternative ways to unload crude: minister
June 26, 2014 (LBO) – Sri Lanka is looking for a small vessel to unload crude mid-sea from tankers and bring oil to a refinery after a hose in an offshore mooring buoy burst, petroleum minister Anura Yapa said. He said if necessary refined products could be imported. Already two thirds of the fuel to […]
‘s Mattala airport speeds up refueling
June 21, 2014 (LBO) – An aviation fuel hydrant and storage terminal at Sri Lanka’s Mattala Rajapaksa International Airport, has allowed it to refuel the largest aircraft in the world quickly, the state petroleum utility said.Ceylon Petroleum Corporation which has a monopoly of fuel supply at Sri Lanka’s two international airports said the airport originally […]
Sri Lanka eyes nuclear power plant after 2030
June 4, 2014 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has included nuclear power for the first time as a possible power generation option in 2031 in its latest study of long term generation capacity.CEB long term generation plan has studied nearly 20 different scenarios along with a base case scenario with the lowest […]
Lube Moves
May 10, 2014 (LBO) – Malaysia’s Hyrax Oil Sdn. Bhd, will set up a lubricant blending plant in Sri Lanka partnering with state-run Ceylon Petroleum Corporation, which owns the largest fuel distribution network in the country. The joint venture plant with an investment of 9 million US dollars will cater to the local and international […]
Oil Show
TEHRAN, May 6, 2014 (AFP) – Iran’s annual oil and gas fair opens in Tehran on Tuesday, with 600 foreign companies seeking to position themselves for a return to large-scale operations if international sanctions are lifted.“I hope that Western officials will be more accommodating because of the general political climate in Iran,” he said, noting […]
Fuel Sales
Apr 16, 2014 (LBO) – Losses at Sri Lanka’s state-run Ceylon Petroleum Corporation fell to 7.7 billion rupees in 2013 from 89.6 billion rupees a year earlier, but bank debt was still high, official data showed.The Central Bank in its annual report said other state enterprises owed the CPC 75.1 billion rupees and CPC in […]
Lubricant Liberties
Nov 26, 2013 (LBO) – Sri Lanka will shortly license more players to sell lubricants in in the island officials said, expanding the freedoms of citizens.At the moment Chevron, Lanka OIC and state-run Ceylon Petroleum Corporation are among the front runners. Those will blending facilities also have an advantage over imported final product sellers. Though […]
Petro Gains
Nov 24, 2013 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has reached break-even level and made a marginal loss after adjusting for losses on derivatives, finance ministry report said.The CPC had made a 3.8 billion rupee profit in the nine months to September 2013 but made an accounting loss of 3.7 billion rupees after […]