Tag: Petroleum

President says coal power and upper Kotmale hydro power project are top priority in infrastructure development.President says coal power and upper Kotmale hydro power project are top priority in infrastructure development. Delivering the budget speech, President Mahinda Rajapaksa said “the coal power plant and Upper Kotmale hydro power project will be given highest priority in […]

Retail fuel giant Lanka IOC Ltd.’s could be heading for a bleak Christmas as US$ 71 million worth of unpaid subsidy bills, due from the Sri Lankan government, pile up. Retail fuel giant Lanka IOC Ltd.’s could be heading for a bleak Christmas as US$ 71 million worth of unpaid subsidy bills, due from the […]

Retail fuel giant Lanka IOC Ltd reported 69 percent drop in second-quarter earnings on Friday as government imposed subsidies and record world crude prices erased profit margins.Retail fuel giant Lanka IOC Ltd reported 69 percent drop in second-quarter earnings on Friday as government imposed subsidies and record world crude prices erased profit margins. Lanka IOC […]

Shell Gas is to jack up rates of domestic gas by Rs.57.00 from Monday, on the heels of a court ruling last week that allows the company to peg rates to global prices.Shell Gas is to jack up rates of domestic gas by Rs. 57.00 from Monday, on the heels of a court ruling last […]

The Court of Appeal has ruled the Consumer Affairs Authority (CAA) cannot control Shell Gs Lanka prices by categorizing LP gas as an essential item.The Court of Appeal has ruled the Consumer Affairs Authority (CAA) cannot control Shell Gs Lanka prices by categorizing LP gas as an essential item. The court awarded the case in […]

Operating losses at the Ceylon Electricity Board is threatening to snowball to Rs.18 billion by year end, as costs of generation soar with no new power plants in sight. Operating losses at the Ceylon Electricity Board is threatening to snowball to Rs. 18 billion by year end, as costs of generation soar with no new […]

Trying to squirm out of paying mounting subsidy bills, Treasury has told state oil giant Ceypetco that it is liable to pay its claims, only if it declares a loss.Trying to squirm out of paying mounting subsidy bills, Treasury has told state oil giant Ceypetco that it is liable to pay its claims, only if […]

The government plans to roll out a “Renewable Energy Support Bond” for Rs.2 billion in 2006 to raise funds supporting rural electrification through renewable energy, Finance Minister Sarath Amunugama said Tuesday.The government plans to roll out a “Renewable Energy Support Bond” for Rs. 2 billion in 2006 to raise funds supporting rural electrification through renewable […]

Sri Lanka government shelves private sector funded oil refinery project in Sapugaskanda under trade union pressure.Sri Lanka government shelves private sector funded oil refinery project in Sapugaskanda under trade union pressure. Last week, Cabinet gave the green light for a US$ 800 million oil refinery project financed by US company Global Energy Industrial Operations. Global […]

Ceylon Petroleum Corporation trade unions say they will not go on strike over a new refinery project, pending a meeting with Premier Mahinda Rajapakse.Ceylon Petroleum Corporation trade unions say they will not go on strike over a new refinery project, pending a meeting with Premier Mahinda Rajapakse. “We objected because we were not fully aware […]

Sri Lanka President Chandrika Kumaratunga Tuesday set up a ministry to exploit the island nation’s petroleum potential and named herself as its minister, a government statement said.Sri Lanka President Chandrika Kumaratunga Tuesday set up a ministry to exploit the island nation’s petroleum potential and named herself as its minister, a government statement said. Kumaratunga’s office […]

Ceylon Petroleum Corporation unions are threatening to strike work next week, protesting against a new refinery project to be built with private sector help.Ceylon Petroleum Corporation unions are threatening to strike work next week, protesting against a new refinery project to be built with private sector help. The government is to sign a deal with […]