Lanka IOC PLC, (LIOC) would invest over Rs. 350 million to build Sri Lanka’s only Grease Plant in Trincomalee, while installing solar power in fuel stations.
Managing Director LIOC, Manoj Gupta said that Sri Lanka is spending a huge amount to import Grease and they hope to supply the entire local demand in seven months time. “We will build this plant in six to seven months at our facility in Trincomalee,” he said.
Gupta also said that they would invest a further Rs. 75 million for the purpose of solarising the 208 fuel stations owned by the LIOC. “We have already installed solar in 20 fuel stations, while the balance stations too would follow.” He said that they expect ROI on this in five years.
“Simultaneously, we are also automating all our ‘petrol sheds’ which would offer an even better service to the customer.”
LIOC Fuel stations would also install ‘Quick Electric charges’ for electric cars. Lanka IOC believes that Sri Lanka deserves a world-class petroleum industry and is building a healthy and competitive fuel network that would boost both the nation’s economy and care for its environment.
Gupta also expressed his satisfaction on the new tax structure that was introduced by the new government. “This has given us many advantages and a clear mind to plan and invest for the future.”
He said that they would also make investments to develop their oil tank farm in Trincomalee, which was built by British rulers in the 1930’s.
He said that the Trincomalee Port has also introduced ‘night navigation’ which permits them to work extended hours. “This is a step taken in the right direction by the Sri Lanka Ports Authority.” Trincomalee is the only port in Sri Lanka offering Ultra Low Sulphur MGO for niche customers.’
‘The company’s Bunker revenue grew by 15% to LKR 20.86 billion (2017/18: LKR 18 billion) supported by continued investments in strengthening the bunkering infrastructure at the Trincomalee Port.
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