Tag: Petroleum

Oct 11, 2007 (LBO) – Sri Lanka’s Petroleum Ministry said Thursday that 42 companies including seven oil majors attended a series of road shows held to promote exploration off the island’s west coast. Petroleum minister A.H.M. Fowzie said in a statement that three road shows were held in London, Houston and Kuala Lumpur in September […]

Oct 09, 2007 (LBO) – Fresh legislation to regulate the power sector is being readied after Sri Lanka’s highest court said an earlier plan to break up the utility was unconstitutional, officials said. Although the state electricity monopoly Ceylon Electricity Board (CEB) won’t be ‘unbundled’ or broken up in to generating, long distance transmitting and […]

Oct 03, 2007 (LBO) – Sri Lanka may boast of having had the world’s first woman prime minister and her daughter as the island’s first female president, but few women have made a career in aviation. The country’s first female military pilot flew Spitfires in World War 2 but an attempt by a young woman […]

Sept 27, 2007 (LBO) – A Malaysian firm which has bought a listed construction firm in Colombo has said it had bought an independent power producer (IPP) which will supply Sri Lanka’s northern Jaffna peninsula. MTD has also been interested in an expressway Sri Lanka hopes to build between its capital Colombo and the central […]

Sept 14, 2007 (LBO) – The Sri Lanka has given approval for three more companies to sell lubricants in the island, raising to nine the number of companies in the market which is dominated by the US brand Caltex. Sri Lanka’s annual lube market is around 45,000 kilolitres. The new companies to enter the fray […]

Sept 13, 2007 (LBO) – The bunker fuels subsidiary of John Keells Holdings, a top money-spinner of the group, looks set to face heightened competition with a rival supplier in Colombo port threatening to cut prices. The Sri Lanka Shipping Group, which sells ship fuel through its bunkering subsidiary, Lanka Maritime Services, has said it […]

SINGAPORE, Sept 13, 2007 (AFP) – Crude oil prices weakened in Asian trade Thursday on profit-taking after scaling new peaks on concerns over tight US supplies and hurricane worries, dealers said. At 10:35 am (0235 GMT), New York’s main contract, light sweet crude for October delivery dropped 25 cents to 79.66 US dollars a barrel […]

Sept 13, 2007 (LBO) – Lanka Auto Gas and Fuel Systems (LAUGFS) plans to set up a gas storage terminal in southern Galle at a cost of 12 million dollars, a top official said. Laugfs decided to build their own terminal because the liquid petroleum gas market was growing and also because of difficulties in […]

VIENNA, Sept 11, 2007 (AFP) – OPEC exporters agreed Tuesday to pump an extra 500,000 barrels of oil a day to cool near-record crude prices, in a victory for Saudi Arabia over its reluctant partners.Analysts said that while the gesture would ease fears about a supply crunch heading into the northern hemisphere winter, the peak […]

Sept 11, 2007 (LBO) – Lanka IOC, the Sri Lanka unit of the Indian Oil Corporation, has started to hedge oil imports with positive initial results, an official said. LIOC expects oil prices to ease towards the latter part of the year. “We have started to hedge imports in a cautious manner,” Lanka IOC managing […]

Sept 6, 2007 (LBO) – Sri Lanka would make a fixed payment to poor households on income support from this month but limit a promised subsidy to fishermen to one month, a senior minister said. Ceylon Petroleum Corporation would make a 4,000 rupee one-off payment to 16,036 fishermen for the month of August at a […]

Sept 05, 2007 (LBO) – Sri Lanka will shortly tender for two-dimensional seismic surveys off the southern tip of the island to look for new oil deposits, officials said. “Then we can get better terms for the remaining blocks,” Fowzie said. Three out of eight off-shore oil exploration blocks in the Northwestern Mannar basin which […]