Category: Petroleum

April 04, 2009 (LBO) – Deutsche Bank has filed arbitration proceedings against the government of Sri Lanka over non-payment in oil derivatives deals with state refiner Ceylon Petroleum Corporation (CPC).Citibank has already gone into arbitration against the CPC. CPC did the derivatives deals to protect itself when oil prices were surging and the contracts were […]

April 01, 2009 (LBO) – Sri Lanka’s Chevron unit said net profit for the 2008 financial year fell 12 percent to 948 million rupees from a year ago with high fuel price and economic slowdown reducing sales amid increasing competition.Revenue for the financial year ending December 31, 2008 rose three percent to 8.9 billion rupees, […]

Mar 25, 2009 (LBO) – Sri Lanka’s Chevron unit said the island’s government has extended the lease on a land where its blending plant was located for a further five years, ending months of uncertainty. The firm was originally the lubricants division of state-run Ceylon Petroleum Corporation (CPC) which was privatized. Chevron Lubricants Lanka Ltd […]

Feb 02, 2009 (LBO) – Cairn India, which is exploring for oil in Sri Lankan waters, said group after-tax profit for the December quarter was 48.5 million dollars compared to a loss of 3.5 million dollars in the same period in 2007.A company statement said group revenue of Cairn India for the quarter was 43.3 […]

Jan 27, 2009 (LBO) – Sri Lanka’s Supreme Court Tuesday terminated proceedings in a case against oil hedges by the state-owned refiner, Ceylon Petroleum Corporation, with all interim orders that suspended payments to banks ceasing to be operative.The Supreme Court said it was terminating proceedings as the government did not comply with its orders to […]

Jan 19, 2008 (LBO) – Sri Lanka’s Commercial Bank said its exposure to an oil derivative sold through People’s Bank would be 21.6 million dollars with oil at 35 dollars a barrel, which the state-run bank has so far not honoured. The contract is one of several arranged for state-run Ceylon Petroleum Corporation (CPC) by […]

Jan 15, 2009 (LBO) – India’s state-run Oil and Natural Gas Corporation (ONGC) which has been given an off-shore oil block in Sri Lanka, will inform the island whether it will start exploration within a month, a media report said.India’s Economic Times newspaper said Sri Lanka’s oil minister A H M Fowzie had met Indian […]

LONDON, December 28, 2008 (AFP) – Oil prices, which hit record highs above 147 dollars a barrel this year before plunging under 33 dollars, risk slumping more in 2009 as recession curbs the world’s appetite for energy, analysts say. “We expect oil prices in early 2009 to remain under pressure given the weakening demand outlook […]

Dec 27, 2008 (LBO) – Sri Lanka’s main opposition United National Party (UNP) plans to file a contempt-of-court case against the government for its refusal to obey a Supreme Court order to reduce petrol prices, a media report said. The Daily Mirror newspaper said UNP wants to file a contempt-of-court case against the Cabinet, the […]

BEIJING, December 25, 2008 (AFP) – China has started filling tanks at its largest oil reserve, taking advantage of tumbling world crude prices, state media reported Thursday. The aim of the reserves is to guarantee supply in times of need as the nation’s a growing economy demands ever-more energy to fuel the factories that supply […]