Tag: Petroleum

Apr.26 (LBO) – Lanka IOC, a unit of Fortune 500 Indian Oil Corportaion, is confident of maintaining uninterrupted supplies from their tank farm in Trincomalee, amidst rising military activity and closure of key roads in the North East area, a top official said. “We are maintaining our supply lines, in spite of security situation near […]

PARIS, Apr.24 (AFP) – While governments and consumers weep over the rise and rise of fuel prices, oil companies are rubbing their hands in glee. Last year the world’s 250 top oil companies earned profits totalling 243 billion euros (300 billion dollars), a 35-percent increase on 2004, and that in spite of hurricanes in the […]

SINGAPORE, April 21, 2006 (AFP) – Oil prices were lower in Asian trade Friday on profit-taking after recent sustained gains to record highs amid concerns over tight US gasoline (petrol) supplies and tensions over Iran’s nuclear ambitions, dealers said. At 11:15 am (0315 GMT), the June New York light sweet crude contract was at 72.96 […]

LONDON, April 20, 2006 (AFP) – World oil prices reached new historic peaks on Thursday, above 74.0 dollars in London and 72.0 dollars in New York, owing to mounting tensions over Iran’s nuclear programme and fears of gasoline shortages in the United States. In London, the price of Brent North Sea crude for June delivery […]

MADRID, Apr. 20 (AFP) – Consumers should carry the burden of higher oil prices, International Monetary Fund (IMF) chief Rodrigo Rato said in an interview published Thursday by the Spanish daily El Pais. Rato said it would be necessary to “pass on new energy prices to consumers”, and added: “There is a very clear message, […]

TEHRAN, Iran, Apr.19 (AFP) – Iran’s President Mahmoud Ahmadinejad has called on oil producers, in particular fellow OPEC members, to sell a part of their crude production to poor countries at “better prices”, the ISNA news agency reported Wednesday.“Oil producing countries, in particular OPEC members, could determine quotas for poor consumers with better prices,” the […]

LONDON, Apr.18 (AFP) – World oil prices hit record peaks on Tuesday above 72.0 dollars in London and close to 71.0 dollars in New York as the market fretted over possible military conflict between the United States and Iran.The price of New York’s light sweet crude hit a historic high of 70.88 dollars per barrel, […]

Apr.15 (LBO) – Sri Lanka hikes fuel prices by Rs.8.00 from midnight Saturday after a 10-month lag as world crude oil prices raced to US$ 70 per barrel. Petrol at the pump will cost Rs.88.00, diesel, Rs.58.00 and kerosene Rs.38.50, Ceylon Petroleum Corp. (CPC) Chairman Jaliya Medagama said. The Rs.8.00 across the board hike also […]

Apr.11 (LBO) – Sri Lanka’s finance ministry says fuel subsidies are placing an unsustainable burden on the exchequer; in a move analysts expect to be a precursor to an upcoming round of retail fuel price hikes. “In 2005, the government had to spend Rs25 billion to sell fuel below cost,” a statement from the Ministry […]

Apr.06 (LBO) – Sri Lanka has sought a US$500 million loan from Saudi Arabia to double its oil refinery capacity, Energy Minister A H M Fowzie said Thursday. State-run Ceylon Petroleum Corporation (CPC) had presented a concept paper to the Saudi government, when a ministerial delegation visited the oil kingdom recently. “We asked for a […]

April 03 (LBO) — Pelwatte Sugar has applied to the Ceylon Electricity Board to build a 25MegaWatt power plant fired by sugar cane waste, making it the largest dendro power plant proposed in Sri Lanka up to now.The company submitted the application after a recent cabinet decision raised the limit for buying power from dendro […]

Mar. 31 (LBO) – Small hydro company Vallibel Power Erathne, that opens its share issue on April 6, is bullish on Sri Lanka’s hydro and other renewable energy prospects, despite climbing costs. The Vallibel Power group operates 18.9 megawatts in small hydro plants, with plans to go up to 45 MegaWatts over the next few […]