BIZ

Foreign oil companies in talks to start retail fuel sales in SL by June

Published

2 years ago

April 26, 2023

editor

US-based oil company RM Parks Inc. and the British multinational oil and gas company Shell PLC have held a discussion with Minister of Power & Energy Kanchana Wijesekera on commencing retail fuel sales in Sri Lanka in the first week of June this year.

The lawmaker held a virtual meeting with the officials of the two companies today (April 26) to discuss the agreements, policies, logistics, and timeline pertaining to the commencement of operations here.

Accordingly, it was decided to set a date in mid-May to sign the relevant agreements, Wijesekera said in a tweet.

Following a visit to the Ceylon Petroleum Storage Terminals Limited (CPSTL) tank farm last week, the technical officials of the RM Parks Inc. and Shell PLC offered to upgrade CPSTL berthing facilities to be in line with international standards and safety requirements, the minister said further.

Officials of the Power & Energy Ministry, the Central Bank of Sri Lanka, the Board of Investment, the Ceylon Petroleum Corporation & the CPSTL also joined the discussion.

Meanwhile, a team of China-based Sinopec officials and technical experts are currently in Sri Lanka to finalize the agreements and commence operations for retail fuel sales here.

They met with Wijesekera on Tuesday (April 25) to decide on a timeline, conditions of the agreement and other concerns.

Accordingly, it has been decided to sign the relevant agreements by mid-May and commence the operations 45 days after the signing, the minister said in a tweet posted earlier.

BIZ

1st stock of imported coconut milk to undergo clearance, lab testing today

Published

21 hours ago

May 31, 2025

editor

The first consignment of imported coconut milk under the Government’s raw material importation programme is scheduled to undergo clearance and laboratory testing today (31), as part of a coordinated initiative by the Plantation Industries Ministry.

This initiative, approved by the Cabinet, aims to supply essential raw materials to industries linked to the coconut sector, aiming to reduce domestic coconut prices and support local manufacturers. The consignment currently under clearance includes products equivalent to 200 million coconuts. They are in the forms of frozen coconut milk, coconut milk powder and chunked coconut with testa (non-copra), imported as part of the programme initiated in March 2025. The stock will be used primarily in the coconut milk powder industry, which has been facing raw material shortages. The Plantation Industries Ministry expects this move to reduce the pressure on local coconut supplies and contribute to a drop in retail coconut prices.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

BIZ

BoC employees to strike over unpaid incentives

Published

3 days ago

May 29, 2025

editor

Employees of all Bank of Ceylon (BoC) branches have decided to walk out of service at 12.30 pm today (May 29).

The decision has been taken over the current management not taking the initiative to provide them with the 06-month incentive package approved by the Board of Directors, according to the Bank Employees’ Union.

Central Committee member of the Bank Employees’ Union – Najith Wijeratne, stated that they will initiate a token strike if this issue is not resolved by June 06.

BoC employees have also held lunchtime protests yesterday (May 28) in front of 22 branches in major cities islandwide.

BIZ

Imported salt released to market

Published

3 days ago

May 29, 2025

editor

The National Salt Ltd. says that 2,800 MT of salt imported from India have been released to the market.

It says the food-grade salt stock, which arrived on May 23, is being distributed to the market through local salt sales agents for consumer sale.

The Ministry of Industry and Entrepreneurship Development states that Lanka Salt Ltd. is importing 10,000 MT of salt, while over 100 importers, including those from Pettah, are bringing in an additional 100,000 MT.