Sri Lanka Oil Companies
In commemoration of the company day we are also having a blood donation camp. Lanka IOC is a major player among Sri Lanka oil companies.
Lanka IOC a prominent figure among Sri Lanka oil companies slashes prices of own fuel varieties
August 10, 2016 11:23 am
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
Managing Director and Senior Vice President [Finance] Shyam Bohra and Anuj Jain of Lanka IOC handing over the cheque for Rs. 5 million to President Maithripala Sirisena
Lanka IOC PLC, while sharing the grief that the country is going through, due to the inclement weather conditions that has caused large scale devastation in the country, the company contributed a sum of Rs. 5 million to the Disaster Relief Fund of the Presidential Secretariat, in order to help the affected people.
Considering the urgent need at a time of this natural calamity, as a responsible corporate citizen, the company decided to contribute towards this cause. The Employees of Lanka IOC also contributed their one day’s salary towards this worthy cause. The company wishes a speedy resettlement for the affected community.
Taken from Daily FT
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.
Lanka IOC a key figure in Sri Lanka oil companies, announced its partnership with Sri Lanka Cricket as their Official Lubricant Partner & Sri Lanka ‘A’ Team Sponsor. The official sponsorship cheque was presented by the Managing Director of Lanka IOC PLC, Mr Shyam Bohra to the President of Sri Lanka Cricket Hon. Thilanga Sumathipala in the presence of Tresurer, Shammi Silva, Sri Lanka national Captain Angelo Mathews, Vice-captain Dinesh Chandimal and all the other distinguished guests.
Extracted from Daily Mirror – 26th Aug 2015
The country’s largest privately held petroleum products distributor Lanka IOC foresees a pickup in the bitumen Sri Lanka market with the restart of several government projects.
“As Sri Lanka accelerates its developmental activities, including the construction and renovation of roads, demand for bitumen is set to increase. Therefore, I am hopeful of resurgence in demand for bitumen within the new financial year,” Lanka IOC Managing Director Subodh Dakwale said.
Though new road construction was halted for just 3 months, Lanka IOC had seen a steep contraction in the bitumen sector during the past financial year.
“With no road development activities by the government during the latter part of the financial year, the demand for Bitumen was severely impacted, causing overall volumes from this segment to contract by 44 percent year-on-year,” Dakwale said.
However, the oversupply of oil in the global market could spell greater profits for the bitumen sector going forward due to reduced cost of production, if retail prices are held up. Crude oil prices fell below US$40 per barrel this week for the first time since 2009.
Bitumen is a hydrocarbon binding material which has a wide variety of industrial applications including its use as a binding agent for road surfacing and waterproofing. It is obtained either naturally, or as a petroleum or coal by-product.
While Lanka IOC imports the bitumen it sells, state-owned Ceylon Petroleum Corporation has the largest bitumen market share through its residual production at the Sapugaksanda refinery.
Sri Lanka IOC providing quality engine oil in Sri Lanka, to enter Malaysia, Indonesia lubricant markets
August 27, 2015 11:15 am
ECONOMYNEXT
The Sri Lankan unit of Indian Oil Corporation plans to expand export markets and has said it will enter the Malaysian and Indonesian lubricant markets.
“Our growth plans have not been limited to the domestic market,” Lanka Indian Oil Corp. Managing Director Subodh Dakwale said.
LIOC has done a study on entering export markets with its premium lubricants and is currently testing the markets of Indonesia and Malaysia with the appointment of a small number of distributors for Lanka IOC lubricants.
“Plans for exporting lubricants will be unrolled during the year to test the markets of Indonesia and Malaysia,” Dakwale told shareholders in the company’s annual report.
“Although I do not anticipate significant revenue contributions from market development initiatives over the short term, I believe export markets will open up new revenue opportunities over the longer term.” (Colombo/August 25 2015)
Extracted from: www.shipandbunker.com
Lanka IOC PLC (Lanka IOC), the Sri Lankan subsidiary of India’s largest oil refiner Indian Oil Corporation Ltd, says it is aiming to sell 10,000 mt of MGO and 380 CST by the end of 2015, Platts reports.
The company has already reportedly sold 4,000 mt of both 380 CST and MGO since its Trincomalee bunkering operations began on June 25, and is aiming to increase this to 6,000 mt during its second month of operations.
Lanka IOC is said to have a capacity for 20,000 mt of 380 CST and 6,000 mt of MGO in its Trincomalee storage tanks.
Lanka IOC is currently offering 380 CST product that it says it imports through a tender process from either Singapore, Fujairah, or India.
Both types can be set for delivery within the next one or two weeks, says Lanka IOC.
Last week, it was reported that Lanka IOC had commenced bunkering operations from its Trincomolee oil terminal, which is said to provide additional bunkering options to the vessels operating in Bay of Bengal.
Lanka IOC joins CMA Sri Lanka as Platinum Sponsor for Global Management Accounting Summit 2015
July 23, 2015 10:20 am
Extracted from: Daily FT
Lanka IOC joined hands with CMA – Sri Lanka as Platinum Sponsor for the Global Management Accounting Summit 2015 to be held on 27-29 July at Cinnamon Lakeside, Colombo.
The Sponsorship Cheque was presented to Prof. Lakshman R. Watawala by Subodh Dakwale.
From left: CMA Consultant L.B. Wattegedare, Lanka IOC Senior VP (Finance) Anuj Jain, Lanka IOC Managing Director Subodh Dakwale, CMA President Prof. Lakshman R. Watawala, CMA VP Basheer Ismail, CMA Council Member H.M. Hennayake Bandara and CMA Council Member Adrian Perera
Adapted from the Island article by Ifham Nizam
Lanka IOC has once again requested the government to either increase fuel prices or give them a tax reduction.
They had separate meetings with Finance Minister Ravi Karunanayake and Power and Energy Minister Patali Champika Ranawaka. Both ministers asked for more time, while appreciating IOC’s role here. Ministry officials told The Island that the government wouldn’t be in a position to take a decision till the energy pricing formula was introduced. The formula is expected to come into effect after September this year.
Lanka IOC Managing Director, Subodh Dakwale yesterday contacted for comment said discussions were on but nothing had come of them. He said if the present situation continued they would take the matter up with the Lanka IOC Board. Dakwale said that, on their part, they often discussed energy conservation and on how to improve the quality.
Earlier this month, the Ceylon Petroleum Corporation recommended that the Power and Energy Ministry request the Treasury to consider a further tax reduction on fuel imports along with the forthcoming oil pricing formula. However, nothing concrete had taken place in this regard, an official said.
Due to selling fuel below market price in keeping with government policy, Lanka IOC had been suffering losses since the government ordered price reductions in fuel early this year, Dakwale said, adding that tax alone came to between 56 and 58 per cent of the cost of petrol which he called a huge by any means.
Dakwale said they believed the proposed pricing formula had to be discussed along with duty reductions. “We have suggested now that the duty be reduced in a big way as we cannot increase the price of a litre of fuel,” he added.