Tag: Petroleum

Sept 03, 2012 (LBO) – Lanka IOC, a unit of Indian Oil Corporation said it had exported 118. 6 million US dollars of ‘SERVO’ branded lubricants and was planning to boost foreign sales further in the current year. …[I]t has been decided to further expand our business to South-East Asian countries by appointingLube Distributors in […]

Aug 17, 2012 (LBO) – Veteran Sri Lanka scientist in the petroleum industry, Dr Gamini Amarasekera has joined Laugfs Lubricants Limited as a consultant to improve its lubricant brand and services, the company releasing a statement said. Dr. Gamini Amarasekera holds a phD in Chemistry from Australia’s Swinburne University and is also a member of […]

July 28, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has lost an appeal against a London ruling that forced it to pay up on a complex oil derivative it bought in 2008, a media report said. “It has been reported that the order is against us,” Sri Lanka’s Attorney General Palitha Fernando was […]

July 22, 2012 (LBO) – Sri Lanka’s Chevron Lubricants has reported net profits of 533 million rupees in the June 2012 quarter, up 26 percent from an year earlier, but has warned of tougher times ahead. The firm said earnings for the quarter were 4. 40 rupees per share. In the half year to June […]

June 12, 2012 (LBO) – Sri Lanka, India, Malaysia, Korea, South Africa, Turkey and Taiwan has been recognized as countries that have significantly cut oil imports from Iran, US secretary of state Hilary Clinton has said. Financial institutions of countries that traded with Iran faced the possibility of being penalized in international trade settlements by […]

June 11, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) has run debts of 65 billion rupees with other state entities by May 31 and talks are on to clear them with a Treasury bond, a minister has said. Petroleum minister Susil Premjayantha has told parliament furnace oil is still being sold to […]

May 30, 2012 (LBO) – Sri Lanka’s Laugfs Gas Plc, which has interests in cooking gas distribution, emissions testing and leisure posted profits of 639 million rupees in the six months to March 2012, up 15 percent from a year earlier, interim accounts showed. The group reported earnings of 1. 39 rupees per share for […]

April 24, 2012 (LBO) – Cairn India which struck gas in two offshore wells in Sri Lankan waters last year has indicated that at least one may have commercial potential so far. The company found natural gas in two of three test wells drilled in the Mannar Basin, off the island’s north-west coast, called the […]

April 09, 2012 (LBO) – Indian Oil Corp. ‘s Sri Lanka unit plans to invest about 35 million US dollars to expand an oil tank farm in the eastern port of Trincomalee to store and export products, an official said. Since taking over operations of the China Bay tank farm ten years ago in 2002, […]

Mar 31, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has struck a deal to import 500 million US dollars of petroleum products from Vietnam over the next six months, ambassador Ton Sinh Thanh said. Ambassador Thanh told an economic forum organized by the Institute of Policy Studies and the embassy of Vietnam that […]