Tag: Petroleum

July 31 (LBO) – Sri Lanka has called for interested investors to set up a power plant by end this year, to supply electricity to Jaffna in the island’s war torn north. The 35 megawatt power project will be on Build Own and Operate basis, under a power purchase agreement signed with state utility the […]

July 31, 2006 (LBO) – Indian oil retailer Lanka IOC Monday raised fuel prices across the board by 5.00 rupees a litre to keep pace with galloping crude oil prices, its Managing Director said. Effective from midnight: ¢ Petrol 90 costs 98.00 rupees (from 93.00 rupees) ¢ Petrol 95 costs 101.00 rupees (from 96.00 rupees) […]

July 27, 2006 (LBO) – Sri Lanka’s cabinet has transferred a third of petroleum assets held by the treasury to the state-run Ceylon Petroleum Corp, with immediate effect, government spokesman Anura Yapa said Thursday. Under the cabinet decision, around 3,500 CPSTL staff will rejoin the CPC workforce. The assets — which comprises 107 fuel sheds […]

July 26, 2006 (LBO) – Fears of another fuel shortage were sparked off on Wednesday as the government refused to give in to trade union demands and said it would seek a court order restraining unions. “We are trying to get a court order tomorrow (Thursday) for the newly appointed Chairman Asantha de Mel to […]

July 24 (LBO) – An ongoing strike by trade unions at Sri Lanka’s petroleum distribution facility could cripple supplies at fuel sheds, if it continues over the next few days, top officials said. Unions are demanding the removal of a newly appointed chairman to a common infrastructure facility, Common Petroleum Storage Terminals Ltd (CPSTL). The […]

LONDON, July 21, 2006 (AFP) – Oil prices firmed on Friday but remained below recent record peaks as traders paused for breath after a week of volatile trading, dealers said. New York’s main contract, light sweet crude for delivery in September, added 10 cents to 74.37 dollars per barrel in electronic deals before the official […]

July 18, 2006 (LBO) – Sri Lanka is taking a hard look on how to manage subsidising fuel prices amidst a worsening Middle East crisis that is threatening to send oil prices even higher. “Right now the middle east is entering into a sixth day of intensified conflict,” Treasury Secretary P B Jasundera said Tuesday […]

July 17 (LBO) – The government has agreed to amend lubricant tariffs, narrowing the gap between lube imports and raw materials like base oil, to spur competition in the sector. New investors will also be allowed to blend lubricants locally, though the small size of the local lube market is widely expected to support just […]

VIENNA, July 17, 2006 (AFP) – Developments in the oil industry should help cool crude prices in 2007 but the market will remain vulnerable to geopolitical tensions, OPEC said in its July report published Monday. “The expected increase in OPEC capacity, combined with the projected decline in required OPEC crude, should help to moderate prices,” […]

July 16, 2006 (LBO) – Sri Lanka Sunday invited new lubricant players to invest in the country, following interest from a few foreign companies. The government’s privatisation unit, PERC, said new players can either: 1) import, export, blend, produce, supply, distribute and sell lubricants in Sri Lanka; or 2) import, export, supply, distribute and sell […]

July 13, 2006 (LBO) – Emirates based Star Petro Energy LLC, has secured Sri Lankan government consent to build the country’s second oil refinery in the south of the island, the government said Thursday. Built at a cost of around 1.5 billion dollars, the refinery’s entire output will be shipped to overseas markets, Media Minister […]