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.
Lube Blending Plant at Trincomalee
The lube blending plant of 18000 MTPA capacity had been constructed at a cost of USD 5.0 Million at Chinabay, Trincomalee and the plant was commissioned in November 2007.
Launching of branded fuels.
Lanka IOC PLC is the first to launch branded fuels in Sri Lanka under the brand name “XtraMile” for Diesel and “XtraPremium” for Petrol. While XtraMile was launched in Oct ’06, XtraPremium was launched in Dec ’06. Both the brands have achieved a very good acceptance from the market.