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.
“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.