Tag: Petroleum

Sept 04 (LBO) – The government has shelved a bidding round for oil exploration until it sorts out a battle with Norwegian company TGS Nopec to buy up three years worth of seismic data. TGS Nopec conducted seismic surveys in the Mannar Basin since 2002, with the government trying to buy back the data for […]

Sept 04 (LBO) – Ceylon Petroleum Corporation said Monday that it would jack up fuel prices with effect from midnight Monday, to offset losses made by the state utility. Petrol will go up by Rs. 5.00 a litre to 101 rupees, diesel by Rs.3.00 to Rs. 67.00 a litre and kerosene, largely used by rural […]

August 30, 2006 (LBO) – The Asian Development Bank has dropped the second loan installment due to Sri Lanka, as the government is reluctant to push ahead with Ceylon Electricity Board’s reforms. The Manila based bank had earlier pledged 30 million dollars under a power sector project, with loan installments linked CEB reforms. Loan conditions […]

August 30, 2006 (LBO) – Dominant lubricant supplier Caltex Lanka Ltd is expecting a marginal drop in volumes this year as intensified fighting in the northeast dries up sales. Caltex says sales to the conflict zones accounts for around 10-12 percent of total volumes, and was growing steadily until hostilities erupted in July. Prior to […]

August 29, 2006 (LBO) – Indian fuel retailer Lanka IOC Ltd reported a net loss of 584.0 million rupees for the three months to June on Tuesday, citing unpaid subsidy payments of 116.0 million rupees due from the Sri Lankan government. A unit of the Fortune 500 Indian Oil Corp. the Sri Lankan unit ran […]

August 28, 2006 (LBO) – Sri Lanka is trying to terminate an agreement with Norwegian survey company TGS Nopec and buy up three years worth of seismic data on potential oil deposits off the island’s coast for 10 million dollars. In an agreement between the government and TGS Nopec signed in 2002, the company would […]

August 18 (LBO) – Mysterious grenade attacks and pricing problems have pushed down sales of the Sri Lankan subsidiary of Indian Oil Corporation, with the firm also eyeing a price hike in September to arrest losses. The fuel retailer found hand grenades in two of its fuel sheds in the heart of Colombo on Thursday, […]

August 18 (LBO) – Sri Lankan based gas distributor Laugfs, who wants to blend and produce lubricants locally, says conditions for entering the newly liberalized market is discriminating against domestic applicants. Last month, Sri Lanka invited new lubricant players to invest in the country, following interest from a few foreign companies, but a brand must […]

August 01, 2006 (LBO) – Sri Lanka says it may not entertain new investments into expensive oil fired power plants, under a proposed energy policy for the country published this week. The government shall not initiate or entertain any proposal either by electricity utilities or private developers to build power plants that will use oil, […]

August 01, 2006 (LBO) – Caltex Lanka Lubricants Tuesday reported a 16 percent spike in net profit after tax for the six months ended June this year, on the back of volume and price growth. Net profit after tax went up from 370 million to 429.7 million rupees for the first half of this year, […]

August 1, 2006 (LBO) – Sri Lanka’s state-owned Ceylon Petroleum Corp has raised fuel prices after a two-month lag to offset a surge in global oil prices, Petroleum Minister A H M Fowzie said. From midnight Tuesday: ¢ Gasoline costs 96.00 rupees (from 93.00 rupees) ¢ Diesel costs 63.00 rupees (from 61.00 rupees) ¢ Kerosene […]