The Indian Oil Company (IOC) is ready to invest in the Liquefied Petroleum Gas (LP gas) business if the Sri Lankan Government invites them. “It is now fully controlled by the Sri Lankan Government,” Executive Director, Business Development of IOC, Sandeep Jain said.
He said that 14 tanks in the Trincomalee Oil Tanks Farm have been leased out to IOC and 24 have been leased back to Ceylon Petroleum Corporation (CPC). Trinco Petroleum Terminal (Pvt.) Ltd was set up by the CPC and Lanka IOC (LIOC) to run a joint venture to develop the remaining 61 tanks.
In the joint venture a 51 percent stake is owned by the CPC and 49 percent by LIOC, Jain said.
“LIOC and CPC are now studying various business aspects and business propositions are being explored for the new joint venture,” Jain said.
When asked whether LIOC has enough forex to import oil as Sri Lanka is experiencing a dollar crisis, Jain said that the LIOC has enough forex to import oil.
“LIOC’s growth in sales increased by 50 percent in the first quarter,” he said.