Tag: Petroleum

Jan 23, 2012 (LBO) – Sri Lanka will be able to import crude from Iran for at least six months before US sanctions make it impossible for payments to be made to that country, a media report said. Sri Lanka’s The Sunday Times newspaper quoted petroleum minister Susil Premajayantha as saying that talks would be […]

Jan 03, 2012 (LBO) – Sri Lanka is negotiating a billion dollar facility from an international bank to defray payments for petroleum imports by made state-run Ceylon Petroleum Corporation in 2012, officials said. By October 2011 Sri Lanka had spent 3.6 billion dollars on petroleum imports up 48. 5 percent from a year earlier. A […]

Dec 26, 2011 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has called bids to build an aviation fuel terminal at a second international airport being constructed in Mattala, in the South of the island. Mattala airport in Sri Lanka’s Hambantota district, is being built with Chinese finance. Sri Lanka’s Ceylon Today newspaper said the […]

Dec 06, 2011 (LBO) – A top Indian scientist has said he believes Sri Lanka has huge gas hydrate resources in the ocean around the island as in India. The ice like solids found in deep water on the ocean floor could generate methane gas, a potential energy source, Harsh Gupta told a forum of […]

Nov 15, 2011 (LBO) – The Sri Lanka unit of Indian Oil Corporation’s profit for the September 2011 quarter fell sharply from a year ago with sales staying virtually stagnant, interim accounts filed with the stock exchange showed. Lanka Indian Oil Corp. said net profit fell 44.6 percent to 277.8 million rupees in the quarter […]

Nov 14, 2011 (LBO) – Cairn Lanka, a unit of India’s Cairn Energy, has made a second gas strike off the northwestern coast of Sri Lanka. On October 04, Cairn Lanka had begun work on CLPL-Barracuda-1G/1, a second well. The presidents office said in a statement that the state petroleum exploration office has been informed […]

Oct 30, 2011 (LBO) – Sri Lanka has raised pump prices by around 10 percent with petrol prices going up by 12.00 rupees a litre and diesel by only 8. 00 rupees, widening an already existing gap. The standard 90-Octane petrol will now cost 137 rupees at the pump and the premium 95-Octane 155 rupees. […]

Oct 02, 2011 (LBO) – Sri Lankan president Mahinda Rajapaksa has announced that a large natural gas deposit has been found in offshore waters, a presidential spokesman said. The spokesman quoted Rajapaksa as saying the firm had also begun drilling the second test well. The discovery announced Sunday is the first since intermittent exploration for […]

Aug 29, 2011 (LBO) – A Sri Lanka government committee probing the import of substandard petrol which damaged vehicles has recommended payment of compensation to affected motorists. The report by the committee, handed over to petroleum minister Susil Premajayantha Monday, said the fiasco was caused by government officials not following essential procedures for fuel imports, […]

Aug 17, 2011 (LBO) – State-run Russian oil firm Gazprom has visited Sri Lanka for talks on exploring oil off the coast of Mannar in the island’s east the foreign ministry said. A delegation lead by Gulev Veleriy, managing director of Gazprom International had met foreign minister G L Pieris. The visiting team had discussed […]

VIENNA, August 9, 2011 (AFP) – The OPEC group of petroleum exporting countries slightly lowered its forecast Tuesday for 2011 and 2012 crude oil demand, citing concerns for the economic health of developed countries. “Should the situation see further deterioration in the US, then aggregate oil demand will see a further decline this year,” said […]

Aug 02, 2011 (LBO) – Petroleum products imported into Sri Lanka are unloaded and distributed only after they are tested and meet the required standards, a government statement said. “Petrol, diesel, and kerosene are unloaded from the tanker only after carrying out tests and verified by independent surveyors prior to distribution,” Ceylon Petroleum Storage Terminals […]