Sri Lankan government renews Lanka IOC's petroleum license
Monday, 30 October 2023 The Sri Lankan government has extended the petroleum products license of Lanka IOC, the local subsidiary of Indian Oil Corporation, for another 20 years. This will allow Lanka IOC to continue its retail operations in Sri Lanka until 2044. The license renewal has been met with opposition from the main opposition party, which questions the basis on which the renewal was granted and the lack of transparency in the agreement. The renewal comes as Sri Lanka faces an economic crisis and a liberalized energy sector with new players entering the market.
Sri Lanka may be a small island in the Indian Ocean but that’s the only thing small about it. The country, formerly known as Ceylon, boasts an ancient civilization, golden sandy beaches with their swaying coconut palms, mountains, and tea plantations. While visiting the island, you’ll see...
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Monday, 30 October 2023
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