Petroleum

Still There

Nov 30, 2008 (LBO) – Sri Lanka's petroleum ministry has not yet been taken over by President Mahinda Rajapaksa, following a court ruling by the Supreme …

Tricky Position

Nov 28, 2008 (LBO) - Sri Lanka's supreme court said petroleum minister A H M Fowzie should be removed, in a case where controversial oil hedges by a state-run …

Oil Bets

Nov 28, 2008 (LBO) - Sri Lanka's supreme court has ordered the state-owned oil refiner, Ceylon Petroleum Corporation (CPC), to suspend controversial hedge …

Hedge Probe

Nov 27, 2008 (LBO) – A team of Sri Lankan ministers is probing an oil hedge that could lose hundreds of millions of dollars to a state-run oil retailer …

Gravy Train

Nov 21, 2008 (LBO) – The Sri Lankan government has increased the customs duty on imported petrol by 10 rupees per litre to 35 rupees from yesterday, a …

Back Tracking

LONDON, November 12, 2008 (AFP) - Oil prices sank under 53 dollars a barrel here on Wednesday, hitting the lowest level since January 2007, as traders worried …

Zero Sum

Nov 11, 2008 (LBO) – Sri Lanka's state-run Ceylon Petroleum Corporation is looking at ways to cap losses from hedges that went against it by entering …

Hedge Bills

Nov 10, 2008 (LBO) – Sri Lanka's state-run Ceylon Petroleum Corporation (CPC) has already settled a part of its dues on hedging oil contracts and …

Petroleum Credit

Nov 10, 2008 (LBO) – Sri Lanka's state-run Ceylon Petroleum Corporation owes 1.1 billion dollars in supplier's credit to Iran on crude bought in 2008, …

Hold It

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Unstable Policy

Nov 08, 2008 (LBO) – Sri Lanka has defended state manipulation of fuel prices which has de-stabilized the economy, brought high inflation and endangered …

Fuel Costs

Nov 06, 2008 (LBO) - Sri Lankan president Mahinda Rajapaksa said Wednesday the government had slashed retail fuel prices with immediate effect in an effort to …

Nut Cracker

Oct 31, 2008 (LBO) – Profits of Lanka IOC, a unit of India's IOC fell 83 percent in the September quarter to 109 million rupees amidst high taxes and …

Air Raid

Oct 28, 2008 (LBO) – A fire broke out in a key power station in Sri Lanka's capital Colombo soon after lights were doused on warnings of a Tamil Tiger …

Time Travel

EW YORK, October 22, 2008 (AFP) - Crude oil prices careened lower Wednesday after surging US energy reserves highlighted falling demand in a cooling global …

Lubricant Lease

Oct 23, 2008 (LBO) - Chevron Lubricants Lanka said Thursday it was seeking to extend the lease on the land on which it has its lubricant plant which runs out …

Burst Bubble

LONDON, October 16, 2008 (AFP) - Oil prices slumped further on Thursday, with Brent crude sliding below 68 dollars a barrel to the lowest level for more than …

Hissing Noise

LONDON, October 15, 2008 (AFP) - The price of oil slumped below 72 dollars on Wednesday, its lowest level for more than 13 months, as recession fears raised …

Lube Trends

Sept 28, 2008 (LBO) – The Sri Lanka unit of Indian Oil Corporation has temporarily cut prices on its lubricants, aiming to capture a bigger share of the …

Bunker Business

Sept 24, 2008 (LBO) - Ceylon Shipping Corporation (CSC) is considering acquiring its own ship fuel supply vessel to sell bunkers in Colombo port through its …