Tag: Petroleum

January 9, 2007 (LBO) – Lanka IOC, a unit of Fortune 500 Indian Oil Corp. has laid the foundation stone on its upcoming lubricant blending plant over weekend, after the Sri Lankan government settle settled 5.16 billion rupees in unpaid subsidy bills last Friday, officials said. Lanka IOC is 75 percent-owned by Indian Oil Corp., […]

January 5, 2007 (LBO) – Sri Lanka Friday inked a 5.16 billion rupee (47.8 million dollar) agreement with Indian fuel retailer Lanka IOC Ltd. to settle a long standing subsidy payment. Lanka IOC is 75 percent-owned by Indian Oil Corp., with the remaining 25 percent listed on the Colombo Stock Exchange. The company commenced operations […]

January 4, 2007 (LBO) – Gasoline prices in Sri Lanka will go up by 5-percent, to keep pace with rising world oil prices that are currently hugging the 60 dollars a barrel mark, the government said Thursday. A net oil importer, Sri Lanka’s fuel bill climbed up to around to 2.2 billion dollars last year, […]

January 2, 2007 (LBO) – Gasoline prices are likely to go up by 5-percent in Sri Lanka, the state-run fuel retailer warned Tuesday, as global oil prices hit 60 dollars a barrel. Petrol at the pump now costs 92.00 rupees a litre, and Ceylon Petroleum Corp. Chairman Asantha de Mel said they are looking at […]

December 30 (LBO) – The Sri Lanka government has agreed to offload half the 60 billion-rupee long-term debt of the Ceylon Electricity Board from January and re-schedule the balance to be paid after five years. The CEB sells about seven billion units of electricity each year, with households using up 2550 million units with an […]

December 29 (LBO) – Sri Lanka has signed a deal Friday with India’s National Thermal Power Corporation to build a 500 million dollar coal power project in the east of the island. The 500-megawatt capacity project to be built in Trincomalee will be jointly held by the state utility, Ceylon Electricity Board (CEB) and the […]

December 20, 2006 (LBO) – Caltex Lubricants Lanka said Wednesday that earnings in 2007 will take a hit, after the government upped taxes on base oil, used as a raw material in manufacturing lubricants. The government increased a three percent cess on base oil imposed in October to six percent from November 18, with the […]

December 19, 2006 (LBO) – Sri Lankan businesses are cashing in on a booming market for carbon finance, selling carbon credits at increasing prices to developed countries struggling to meet climate change commitments. Developed countries who are signatories to the Kyoto protocol have agreed to cut carbon dioxide emissions that contribute to global warming, to […]

December 18, 2006 (LBO) – Sri Lanka is scouting for international experts to help the island hedge part of its hefty oil bill next year, Petroleum Minister A H M Fowzie said Monday. A net oil importer, Sri Lanka’s retail fuel market is dominated by state oil giant Ceylon Petroleum Corporation (CPC), while Indian fuel […]

December 14, 2006 (LBO) – India and Sri Lanka are due to ink a million dollar agreement as early as next year to set up a mega transmission power line between both nations, an official said Thursday. Linked between India’s city of Madurai and Sri Lanka’s Anuradhapura, the project aims to supply up to 1000 […]

Dec 05 (LBO) – Sri Lanka’s small hydro developers are in talks with the government for a new electricity tariff, to be finalised in about a month, as mini-hydro electricity becomes more expensive to develop. There are currently about 100 megawatts of small hydro plants generating 300 million units of electricity a year, connected to […]

December 2, 2006 (LBO) – Sri Lanka plans to build a 300 megawatte liquefied natural gas plant with Iranian assistance, the government said Saturday. “Iran is highly developed in power plant manufacturing industry and is able to meet the domestic requirement of power plant construction. Sri Lanka power industry can benefit through mutual cooperation between […]