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Settlement of Subsidy Issue.
The long pending subsidy issue with the Government of Sri Lanka (GoSL) was resolved on 05th January, 2007 by executing the “Settlement Agreement” and collecting the subsidy the dues of SLR 5.16 Billion from GoSL in the presence of our Chairman Mr.Sarthak Behuria. Out of the negotiated dues of SLR 5.16 Billion, a sum of SLR 700 Million was received by cheque and the balance of SLR 4.46 Billion was received by way of two year period non tradable and 11% interest bearing Government Bonds. |
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Construction of a Lube Blending Plant at Trincomalee.
A Lube blending plant of 18000 MTPA capacity is under construction at Trincomalee. The investment committed is USD 5.0 Million. The then Hon’ble Minister for Enterprise Development and Investment Promotion, GoSL Mr.Rohitha Bogollagama laid the foundation stone for the plant at Trincomalee on 07th January, 2007. The plant is scheduled to be commissioned in July 2007. |
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Launching of branded fuels.
Lanka IOC is the first to launch branded fuels in Sri Lanka under the brand name “LankaMile” for Diesel and “LankaPremium” for Petrol. While LankaMile was launched in Oct ’06, LankaPremium was launched in Dec ’06. Both the brands have achieved a very good acceptance from the market with a conversion rate of 21.2% for LankaMile and a conversion rate 28.6% for LankaPremium. |
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Second AGM of Lanka IOC.
The second AGM of Lanka IOC was held at Hotel Taj Samudra, Colombo on 05th January, 2007. Our Chairman Mr.Sarthak Behuria addressed the shareholders with the happy note of having resolved the subsidy issue with the GoSL and having received the dues of SLR 5.16 Billion. He asserted that the long awaited settlement has turned the fortunes and prospects of the company for better in the future. |
