Standard Chartered’s (StanChart) global Internet banking platform Straight2Bank will now facilitate Lanka IOC PLC’s migration to automated payments and collections.

This facility was ceremonially inaugurated by Lanka IOC Chairman B.S. Canth on his visit to Sri Lanka by approving its maiden electronic payment.

The event was attended by senior officials of Lanka IOC and Standard Chartered. The ERP support was provided by Ceylon Petroleum Storage Terminals Ltd (CPSTL), which is a joint venture company of Lanka IOC PLC. This three-way partnership is set to change the transaction banking landscape of Sri Lanka’s oil and gas industry. Standard Chartered Transaction Banking Head Bingumal Thewarathanthri commenting on the new facility said, “Developing solutions that are progressive and cutting edge is a key focus of our transaction banking business. This implementation is a testament to how well Standard Chartered is placed in Sri Lanka to help organisations such as Lanka IOC PLC minimize the use of paper and leverage on technology by relying on a standardized electronic platform to execute payables, perform reconciliations and fast forward receivables in a seamless manner.”

Speaking at the inauguration ceremony, Lanka IOC PLC Senior Vice President Finance Anuj Jain emphasised, “Automation has played a pivotal role in streamlining processes and mitigating operational risks in our parent organisation IOC, which transacts over 90 percent of payments and receivables electronically through online banking platforms. We are confident that we can build on our experiences and achieve optimum levels of automation in Sri Lanka through Standard Chartered’s global internet banking platform.” Lanka IOC Managing Director Shyam Bohra mentioned that he is encouraged by the technological advancements in the banking sector which offers substantial benefits to all associated stakeholders. He also appreciated the manner in which Lanka IOC’s banking partner has effectively connected systems seamlessly to deliver this solution.

Standard Chartered Commercial Banking Sales Head Roger Norton further commented, “At its early stages of the roll out, Lanka IOC’s collections and payments will be executed through the automated clearing house (ACH) and then be migrated to the real-time clearing platform by leveraging on the common electronic fund transfer switch (CEFT), which facilitates immediate fund realisation on a 24 X 7 basis, administered online through Standard Chartered’s Internet banking platform, Straight2Bank. The solution is a celebration of collaborating systems such as SAP, Virtual Accounts and state-of-the-art clearing mechanisms, which will accelerate the working capital cycle of Lanka IOC.”

In Sri Lanka, Lanka IOC not only fule but a leader on Engine oil Sri Lanka was incorporated in 2002 and currently operates over 199 filling stations, distributing automotive fuel, servo lubricants, bitumen and bunkers and is a comprehensive fuelling service provider.

Taken from Daily Mirror

Lanka IOC PLC has embarked on the organization’s next Corporate Social Responsibility (CSR) stance by giving a generous donation towards the Trail Walk initiative which took place in October this year.

The cheque for the generous amount was handed over to Mahela Jayawardena and Kumar Sangakkara by LIOC Managing Director, Shyam Bohra.

Lanka IOC Managing Director, Shyam Bohra said, “We believe in providing support to crowd funding initiatives such as the Trail Walk, which help to bring together communities and the general public, who participate in a truly worthy initiative”.

The Trail Walk, which was a brainchild of Founders Nathan Sivagananathan and Sarinda Unamboowe is Sri Lanka’s largest ever crowd-funded charitable initiative. The aim of the walk by volunteers was to raise US$ 5 million or approximately Rs. 735 million towards building a new cancer unit at the Karapitiya Teaching Hospital in Galle. Trail initially commenced in the year 2011 in the form of a walk which started from the southernmost part of the country and finished at the south in the course of 27 days covering 670 km in total.

Lanka IOC PLC is the subsidiary of IOCL, a Fortune 500 company. It is the only private oil company and a major player among Sri Lanka oil companies, other than the state-owned Ceylon Petroleum Corporation (CPC) that operates over 199 retail petrol/diesel stations in Sri Lanka and has a very efficient lube marketing network.

Taken from Daily Mirror 

The specialty of the product as mentioned was its improved strength and aesthetic look and the feel for the buyer.  Other features as noted were its increased speed, smoothness, higher life span and energy with a higher load. Lanka IOC PLC Managing Director Shyam Bohra said that they are pleased to introduce the global container concept to Sri Lanka.

“The new design has the ease of handling it, and the aesthetic look is better than before. This particular design has been developed following research,” he said.He added that this container is much stronger in terms of design and the container can be used for different purposes and will certainly benefit the end users more. Though there are 13 players in the country’s lubricant market at present, Chevron being the leader, he said that with improved accessibility and brands, their market share is increasing year-on-year.

Being the number two player in Sri Lanka and enjoying a market share of 17-18 percent at the moment, he said that they are aspiring to touch up to 25 percent in 4-5 years. He added that as the R&D is done in India, the new technology is being immediately imparted to Sri Lanka.

He further said that with over 1,000 commercial grades and over 1,500 formulations encompassing literally every conceivable application, SERVO serves as a one-stop shop for complete lubrication solutions in the automotive, industrial, and marine segments.

It was also noted that it comes to Sri Lanka as a compliment from the parent company as it will not add any extra cost to LIOC or consumers.

As LIOC exports Servo brand of lubricants to Maldives, they would be exporting to Indonesia as well in the near future.

Lanka IOC is a leader among Sri Lanka Oil Companies and the Indian Oil’s subsidiary in Sri Lanka, is the only private oil company other than the state-owned Ceylon Petroleum Corporation (CPC) that operates retail petrol/diesel stations in Sri Lanka and a key player in engine oil in Sir Lanka market. It has over 150 fuel stations in  Sri Lanka.

Taken from Daily Mirror 

In its endeavors to built capabilities of our channel partners towards even changing external environment and to make them better capable in handling challenges in the market place, Lanka IOC PLC conducts several workshops for its dealers with the help of experts in the field.

One such workshop on Capability building was conducted for dealers in association with Faculty of Management studies, University of Sri Jayewardenepura. The major topics included in this workshop Attitude change, Human Resources Management, Customer orientation, and Brand Management.

About 65 dealers participated in this workshop successfully conducted by Senior lecturer Mr. Rukmal Weerasinghe and Dr. Janak Kumarasinghe, in the presence of Senior Vice President (RS & HR) Mr. Siddharth Agarwal.

Click on the link bellow to download the application form for lube distributors. Be a part of the family where we offer the best quality lubricants, engine oil Sri Lanka deserves. 

Lanka IOC offers international standard Engine oils, Lubricants Sri Lanka customers deserve.

A prominent figure among Sri Lanka oil companies and Sri Lanka’s only private oil company that operates fuel retail outlets and a key figure among Sri Lanka oil companies, Lanka IOC PLC said it was reducing the prices of two of its own fuel brands from midnight, yesterday.

Accordingly, the price of a litre of Xtra Premium Euro 3 (petrol) and Xtra Mile (diesel) was reduced by Rs.2 each.

The revised prices of Xtra Premium Euro 3 (petrol) and Xtra Mile (diesel) will be Rs.121 and Rs.97 per litre, respectively.

Sri Lanka has fixed prices for diesel and petrol but special varieties don’t come under them. The government is yet to introduce a transparent cost-reflective pricing mechanism for the fuel retailing sector.

Taken from Daily Mirror

Lanka IOC invites applicants for Servo Lube Distributors for Colombo and outer Colombo areas.

If you are the candidate with the necessary requirements click on the link bellow for the Servo Lube Distributorship Applications and agreement for Colombo or other places and outer Colombo areas. Become a part of the Lanka IOC family, world class Lubricants Sri Lanka deserves.

Click here

We are proud to announce that our Company, under its CSR theme “WE CARE” donated the 3rd Ambulance to the Medirigiriya Base Hospital in the Polonnaruwa District last week.

It was formally handed over by His Excellency President Maithripala Sirisena and Mr. Shyam Bohra MD Lanka IOC to Dr Pramitha Ratnayake Provincial Director of Health Services, Medirigiriya, at the Presidential Secretariat Colombo on Friday, 22nd of April.2016.

Mr. Chandima Weerakkody Honorable Minister for Petroleum Resources Development,
Venerable Clergy in presence of Mr. D. Srivastava(Senior Vice President Lanka IOC)
and other Lanka IOC officials at the inauguration of the Health screening camp
organised by Lanka IOC PLC.

Lanka IOC PLC, acknowledging its responsibility towards the society conducted several Corporate Social Responsibility (CSR) initiatives under its theme ‘WE CARE’ with several noble programs. In addition to a series of welfare programs including assistance for elders’ homes, renovation of healthcare centre, donation of ambulances, wheelchairs and English education for underprivileged children, Lanka IOC also organised free health camps at different locations all over the Country.

In the recent past, Lanka IOC organised health camps at Katugasthota, Ratnapura, Negombo, Dematagoda, Badulla, Vavuniya, Akurana and has now organised yet another “Free Health Screening Camp” in association with Minister Chandima Weerakkody at the Eliketiya Bimbaramaya Temple in Ahangama – Galle District. The programme began with a religious ceremony with a vow to ensure many more health screening and treatment camps for the entire Sri Lankan community and this was inaugurated by Minister Chandima Weerakkody who is the Minister for Petroleum Resources Development.

Minister Chandima Weerakkody commended Lanka IOC for the initiatives taken through the ‘WE CARE’ projects facilitated by the Company and urged that many more CSR programs needs to be conducted for the community of Sri Lanka. This initiative received a remarkable response and appreciation from all those who patronized the ‘Free Health Screening Camp’. A total of 675 people were screened at the event, in which 477 opted for an eye check-up and 198 underwent general health check-up. Amongst those who availed themselves for the check-up, 424 were recommended for bifocal spectacles whilst 11 were recommended for cataract surgeries – all treatments are provided free of charge by Lanka IOC. In the last one year more than 4200 people have undergone such health check-ups in various camps organised by Lanka IOC.

Some of the participants at the Lanka IOC Free Health Screening Camp held on the 27th
of March 2016.

This medical camp solicited the experience of a team of 14 medical experts from “HelpAge Sri Lanka” including 02 doctors, a nurse, a pharmacist, 02 optometrists and support staff to provide a professional service to the patients. For ensuring proper diagnosis, sophisticated medical equipments were used to screen patients for diabetes, blood pressure, vision and other diseases. Wherever critical illness was diagnosed, the patients were referred to hospitals for further investigation and treatment.

MD Lanka IOC; Mr. Shyam Bohra conveyed that at Lanka IOC we believe public health is an aspect of national wealth through the creation of productive populations who have the mental and physical capacities to contribute to national development goals. Therefore, the Company supports many public health projects every year across the island, targeting underprivileged communities regardless of demographic difference.

More free medical camps are to be scheduled by Lanka IOC during the next financial Year.