Tag: Petroleum

June 18, 2009 (LBO) – Lanka IOC, a unit of the Indian Oil Corporation had asked Sri Lanka’s petroleum ministry permission to raise petrol and diesel pump prices by 21 to 23 rupees a litre to stem losses amid rising oil prices, an official said. IOC managing director Suresh Kumar said his firm had lost […]

June 18, (LBO) – Sri Lanka is getting a 65 million US dollars loan from China’s Exim Bank to build an oil storage facility in the Southern coastal town of Hambantota, a senior government minister said. “The objective of this project is to supply and store marine fuel, aviation fuel and LP gas and provide […]

June 16, 2009 (LBO) – The Netherland’s envoy to Sri Lanka has raised concerns about the government pricing of liquefied petroleum gas of top Dutch firm Shell Gas, consumer affairs minister Bandula Gunewardene said. Shell has previously attracted criticism for charging high fees for its terminal complex. The minister said he had promised a meeting […]

June 12, 2009 (LBO) – Lanka IOC, the Sri Lankan unit of Indian Oil Corp, wants to seek clarification on reports the island’s government is to amend its agreement with the fuel retailer, a senior official said. LIOC managing director Suresh Kumar said he was unaware of any plans to change the deal with the […]

May 29, 2009 (LBO) – Lanka IOC, a unit of Indian Oil Corporation said it lost 1.6 billion rupees in the March 2009 quarter against a profit of 890.7 million last year as the firm was hit by adverse oil hedges and taxes. But oil prices collapsed in the second half of 2008 and the […]

May 25, 2009 (LBO) – Sri Lanka’s Chevron unit said net profit for the March 2009 quarter fell 33 percent to 233 million rupees from a year ago with sales virtually stagnant in a slowing economy.Chevron Lubricants Lanka said in a stock exchange filing that sales for the three months ended March 31, 2009 were […]

May 3, 2009 (LBO) – Sri Lanka’s anti-bribery office is probing allegations that foreign trips were given to key officials to sweeten the sale of oil derivatives by international banks to a state-run oil firm which later went against it, a media report said. The exotic oil derivatives were sold to CPC by Standard Chartered, […]

April 04, 2009 (LBO) – Deutsche Bank has filed arbitration proceedings against the government of Sri Lanka over non-payment in oil derivatives deals with state refiner Ceylon Petroleum Corporation (CPC).Citibank has already gone into arbitration against the CPC. CPC did the derivatives deals to protect itself when oil prices were surging and the contracts were […]

April 01, 2009 (LBO) – Sri Lanka’s Chevron unit said net profit for the 2008 financial year fell 12 percent to 948 million rupees from a year ago with high fuel price and economic slowdown reducing sales amid increasing competition.Revenue for the financial year ending December 31, 2008 rose three percent to 8.9 billion rupees, […]

Mar 25, 2009 (LBO) – Sri Lanka’s Chevron unit said the island’s government has extended the lease on a land where its blending plant was located for a further five years, ending months of uncertainty. The firm was originally the lubricants division of state-run Ceylon Petroleum Corporation (CPC) which was privatized. Chevron Lubricants Lanka Ltd […]

Feb 02, 2009 (LBO) – Cairn India, which is exploring for oil in Sri Lankan waters, said group after-tax profit for the December quarter was 48.5 million dollars compared to a loss of 3.5 million dollars in the same period in 2007.A company statement said group revenue of Cairn India for the quarter was 43.3 […]