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Indian Oil Corporation's Lanka IOC Licensed for 20 More Years in Sri Lanka
Indian Oil Corporation's Lanka IOC Licensed for 20 More Years in Sri Lanka
Sputnik India
Lanka IOC, a subsidiary of the Indian Oil Corporation (IOC) in Sri Lanka, has had its license renewed for the next 20 years, reports said on Monday.
2023-10-30T17:54+0530
2023-10-30T17:54+0530
2023-11-01T12:36+0530
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Lanka IOC, a subsidiary of the Indian Oil Corporation (IOC) in Sri Lanka, has had its license renewed for the next 20 years, reports said on Monday.The Sri Lankan government renewed the license of the firm for the next two decades, media said, quoting an official of the company.This, reports said, will allow Lanka IOC to continue its retail operations on the island nation until January 22, 2044.Sri Lankan President Ranil Wickremesinghe handed over the license renewal letter to Dipak Das, managing director of LIOC, last week, the company official said in a statement.Last year, when Sri Lanka plunged into an economic crisis with no forex reserves to import petroleum products, the LIOC operation became crucial in the energy sector. The company operates over 200 retail outlets throughout the nation.Sri Lanka liberalised its energy sector after the economic crisis.
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Indian Oil Corporation's Lanka IOC Licensed for 20 More Years in Sri Lanka
17:54 30.10.2023 (Updated: 12:36 01.11.2023) Lanka IOC has received permission to continue with trade in petroleum products in Sri Lanka for the next 20 years as it has been granted permission by the island nation’s government.
Lanka IOC, a subsidiary of the Indian Oil Corporation (IOC) in Sri Lanka, has had its license renewed for the next 20 years, reports said on Monday.
The Sri
Lankan government renewed the license of the firm for the next two decades, media said, quoting an official of the company.
The LIOC, which holds around 20 percent of the market share in the auto fuel segment in Sri Lanka, was first issued the license to do oil business in 2003 and the same was due to expire in January next year.
This, reports said, will allow Lanka IOC to continue its retail operations on the island nation until January 22, 2044.
Sri Lankan President
Ranil Wickremesinghe handed over the license renewal letter to Dipak Das, managing director of LIOC, last week, the company official said in a statement.
“The license enables Lanka IOC to import, export, store, transport, distribute, sell and supply petrol diesel, heavy diesel, furnace oil, kerosene, Naphtha and other mineral petroleum including premium petrol and premium diesel", he was quoted as saying.
Last year, when Sri Lanka plunged into an economic crisis with no forex reserves to import petroleum products, the LIOC operation became crucial in the energy sector. The company operates over 200 retail outlets throughout the nation.
Sri Lanka liberalised its energy sector after the economic crisis.
