Tag: Petroleum

Volatile global oil prices could force the government into a funding squeeze in months, as it tries to pay a growing import bill while refusing to raise local prices.Volatile global oil prices could force the government into a funding squeeze in months, as it tries to pay a growing import bill while refusing to raise […]

Government will lose US$ 100 million in donor funding if overdue CEB reforms are not done by the end the month.Government will lose US$ 100 million in donor funding if overdue CEB reforms are not done by the end the month. The Japan Bank for International Cooperation (JBIC) and the Asian Development Bank have said […]

State owned Ceypetco says the Treasury will settle Rs.6 bn outstanding in subsidy claims this year, even as deferred payments to Iran fall due in July.State owned Ceypetco says the Treasury will settle Rs. 6 bn outstanding in subsidy claims this year, even as deferred payments to Iran fall due in July. Not allowed to […]

The AES Kelanitissa plant is back after a few days off the grid, after the government stepped in to defuse a crisis that was brewing with the Ceylon Electricity Board.The AES Kelanitissa plant is back after a few days off the grid, after the government stepped in to defuse a crisis that was brewing with […]

Lanka IOC Ltd., a Sri Lankan fuel retailer, Thursday said its net profit for the nine months to December more than doubled after the company opened more filling stations on the island during that period.Lanka IOC Ltd., a Sri Lankan fuel retailer, Thursday said its net profit for the nine months to December more than […]

Power politics is pushing the Ceylon Electric Board (CEB) into a financial crisis with debts mounting and no increase in revenues. Power politics is pushing the Ceylon Electric Board (CEB) into a financial crisis with debts mounting and no increase in revenues. Government dithering on reforms has put the CEB’s debt restructuring in limbo and […]

Shell Gas Lanka Ltd, a unit of Royal/Dutch Shell Group, is seeking for some ’emergency tsunami aid’ from the Sri Lankan government, after six months lag on price hikes, blew a Rs.350 mn hole in its balance sheet last year, top officials said. Shell Gas Lanka Ltd, a unit of Royal/Dutch Shell Group, is seeking […]

Japan will pump Rs. 146 mn to clean up Colombo’s century old sewer system that takes on the brunt of over 700,000 residents daily.Japan will pump Rs. 146 mn to clean up Colombo’s century old sewer system that takes on the brunt of over 700,000 residents daily. The project will take till 2010 to clean […]

A stronger Sri Lankan rupee, backed by foreign aid for the reconstruction of the tsunami-battered island, should help the state’s Ceylon Petroleum Corp. repay its mountain of foreign debt, Ceypetco chairman Jaliya Madegama said Tuesday. A stronger Sri Lankan rupee, backed by foreign aid for the reconstruction of the tsunami-battered island, should help the state’s […]

Strong demand for fuel and high global oil prices will give fuel retailer Lanka IOC Ltd.‘s net profit a boost for the nine months ended Dec.31 Strong demand for fuel and high global oil prices will give fuel retailer Lanka IOC Ltd.‘s net profit a boost for the nine months ended Dec. 31 The company […]

Donors say funds hang in the balance, if the government shelves long term plans such as electricity reforms lined up this year, as tsunami re-building takes centre stage.Donors say funds hang in the balance, if the government shelves long term plans such as electricity reforms lined up this year, as tsunami re-building takes centre stage. […]