Category: Petroleum
Sri Lankan industry leaders explore sustainable energy future
Leaders from across the industry, civil society, finance and academia met in Colombo recently to explore short and long-term energy solutions amidst Sri Lanka’s worst-ever energy crisis. With Sri Lanka’s industrial sector among the largest consumers of costly imported fossil-fuels, more than 100 participants heard from experts and shared their insights into how this economically […]
Dialog Enterprise unveils a cutting-edge fuel-monitoring system
Dialog Enterprise, the corporate ICT solutions arm of Dialog Axiata PLC, recently unveiled a timely technological solution for monitoring and measuring fuel and energy consumption with precision. Developed in partnership with the University of Moratuwa Research Laboratory and rigorously tested and used on Dialog’s own base stations, the solution was released ahead of schedule to […]
Cabinet nod to present Petroleum Products Amendment Bill in Parliament
In order to ensure the continuous supply of petroleum products due to the acute foreign exchange deficit currently existing in the country, the cabinet decided to amend the Petroleum Products (Special Provisions) Act No. 33 of 2002 to allow more competing parties to be licensed for the importation of petroleum. buy hydroxychloroquine online http://abucm.org/assets/pdf/hydroxychloroquine.html no […]
Sri Lanka introduces QR-based National Fuel Pass to manage fuel usage
The Ministry of Power & Energy today introduced the National Fuel Pass allowing the general public to purchase a guaranteed quota of fuel per week. Accordingly, one vehicle can be registered under one National Identity Card, Passport, or Business Registration Number. Registrations are open via fuelpass.gov.lk website. “A QR code will be allocated to each […]
‘s Cauvery and Mannar Basins from FTG and aeromagnetic data
Bell Geospace, the world leaders in gravity gradiometry, has conducted the first aerial mapping of petroleum resources in Sri Lanka in Q4 of 2021, and will be presenting these insights – together with Wintermoon Geophysics- at the prestigious SEAPEX (South East Asia Petroleum Exploration Society) Asia Pacific Conference in London on Thursday the 30th of […]
Fitch Ratings Raises its Oil and Gas Price Assumptions
Fitch Ratings has increased its oil and gas price assumptions due to trade flows disruptions and redirection and higher post-pandemic demand. Fitch Ratings Content: Our raised oil price assumptions reflect disruptions of established supply channels and growing oil demand. The EU has banned seaborn imports from Russia, so it will have to replace about a […]
Cabinet approval to introduce new mechanism to decide monthly fuel prices
A committee consisting of representatives of the Ministry of Power and Energy and other relevant agencies will be appointed to make recommendations to determine the monthly prices of petroleum products with due consideration to six (06) major cost components. “The Cabinet has identified the need to have a mechanism for determining the selling price of […]
India provides fresh loans to purchase petroleum products
In view of the prevailing economic situation in the country, a short term loan facility of US $ 500 million with the assistance of the India Export-Import Bank and another US $ 200 million loan facility with the assistance of the State Bank of India is available for the purchase of petroleum products in Sri […]
PUCSL files FR petition against CEB, CBSL, Finance Ministry & Power Minister
The Public Utilities Commission of Sri Lanka – the electricity sector regulator, filed a Fundamental Rights petition in the Supreme Court today (1st April 2022) naming the following Respondents; the Ministry of Finance, the Minister of Power and Energy, Monetary Board, Governor of the Central Bank, the Electricity Board and all other stakeholders of government […]
Indian Exim Bank pledges USD 500mn Credit Line to Sri Lanka for financing oil imports
Export-Import Bank of India has entered into an agreement with Sri Lanka, to support a USD 500 million Credit Line for the purpose of financing purchase of petroleum products from India. Out of the total credit by Exim Bank under the agreement, goods, works, and services of the value of at least 75 percent of […]
Sri Lanka needs price formula to avert future energy crisis
Regional fuel prices are significantly higher than Sri Lanka Sri Lanka pitches into darkness and its people form lines at fuel stations due to the ongoing energy crisis. Fuel, which is the single largest import accounting for 18% of the country’s total import expenditure, cost an alarming USD 3.7 billion in 2021. Since the actual […]
Hambantota Port to begin MGO fuel bunkering operations; first supply vessel calls at port
Oil tanker ‘Sunny Bay’ carrying 15,000 metric tons of Marine Gas Oil (MGO), called at the Hambantota International Port (HIP) on the 23rd January. The vessel was the first to discharge MGO for storage at the port’s tank farm. HIP, with its global partner Sinopec, launched bunkering operations for VLSFO last year. Now, with the […]