county Petroleum: Latest News

COLOMBO (News 1st) – Eight Sri Lankan sailors, who are part of a 26 member crew of MT Heroic Idun, an oil vessel, have been "illegally" detained by Equatorial Guinea since 14 August.Apart from the Sri Lankan sailors, the crew also includes 6 Indian sailors and a national each of Poland and Philippines.As per the crew, their vessel was arrested by an Equatorial Guinea naval ship on international waters on 12th August and brought to Luba port under naval escort and threat of legal action.The vessel was arrested based on a request made by Nigeria.The Nigerian Navy says it is conducting an investigation into the activities of MT HEROIC IDUN, a supertanker, arrested by Equatorial Guinea forces over alleged crude oil theft in Nigeria.The vessel and its crew were arrested on August 7th by the Central African country after it fled from Nigeria’s AKPO oilfield when its alleged activities were uncovered by operatives of the Nigerian Navy.Adedotun Ayo-Vaughan, spokesperson of the Nigerian Navy, confirmed that the vessel is on it way back to Nigeria for further investigations.He said after the investigation is complete, the office of the attorney-general of the federation (AGF) will determine whether or not the vessel and its crew will be prosecuted by the federal government.The Nigerian National Petroleum Company (NNPC) Limited in September said it loses $700 million every month as a result of oil theft and vandalism at terminals.The Incident: The Heroic Idun ship was supposed to load cargo of crude oil in Nigeria’s AKPO terminal on 8 August, but as per terminal instructions the loading operation was delayed and the ship never made any operations in Nigeria.The same evening, the ship was approached by an unidentified craft claiming

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe said that the government has taken a principled decision to expand the distribution of fuel.He also noted that Hambantota has been identified as a primary energy hub. According to the President's Media Division, he made these comments during a discussion with the representatives of the Sinopec Group held at the President's Office in Colombo on Monday (13).Sinopec has also pledged to invest in a refinery in Hambantota, said the PMD.The representatives informed the Sri Lankan Government that their organization has adhered to the existing system and has applied accordingly. They further conveyed their readiness to fully finance the construction of a refinery in Hambantota, which has been identified as a central energy hub by the government.Moreover, the representatives stated that their company is prepared to respond to future solicitations that align with the aspirations of the country.

COLOMBO (News 1st) – Sri Lanka's Human Rights Commission has received a letter bearing the signature of the Managing Director of the Ceylon Petroleum Corporation stating that the present financial situation at the CPC could lead to a disruption of operations at the country's oil refinery.The letter noted that the CPC is heading towards a situation where future fuel imports will be in jeopardy as fuel is continuously provided on credit.The letter from the CPC Managing Director warns that this could lead to another fuel crisis in the country.The letter bearing the signature of the Managing Director of the Ceylon Petroleum Corporation states that it is paramount to ensure the continuous operation of the country's oil refinery when providing a continuous supply of fuel.It noted that though the CPC can provide furnace oil and naphtha to the Ceylon Electricity Board at a cost that is less than what is incurred when importing fuel, an issue is likely to arise in importing new stocks of crude oil and refined petroleum products as the existing stocks are provided on credit, despite the CEB still not settling its dues. The Managing Director of the Ceylon Petroleum Corporation states that several rounds of discussions revealed that the Ceylon Electricity Board does not have the funds to procure the fuel.It notes that despite the difficulties experienced, as the supply of electricity is a national requirement, fuel worth Rs.

COLOMBO (News 1st) – The Petroleum Distributors Association said that it decided to call off the trade union action, and place orders for fuel from Wednesday (5).Kapila Naotunna, the Secretary of the Petroleum Distributors Association said this decision was reached after a solution was provided by the subject minister regarding their concerns. The Petroleum Distributors Association stepped away from placing orders for fuel from Tuesday (4) morning.This was in protest against the decision taken by the Ceylon Petroleum Corporation to recover the 45% discounts awarded to Distributors.As the Petroleum Distributors Association stepped away from placing orders for fuel, long queues were seen leading to filling stations across Sri Lanka.Although the Petroleum Distributors Association suspended their trade union action, fuel queues were witnessed at many areas on Wednesday (5) morning.

COLOMBO (News 1st); The Ceylon Petroleum Corporation (CPC) states that 5 ships carrying fuel will arrive in the island within the upcoming week.Its Chairman, Sumith Wijesinghe stated that diesel, petrol and jet fuel will be brought to Sri Lanka by these ships.Accordingly, he assured that there are sufficient stocks of fuel in the country while adding that the CPC is ready to provide the necessary stocks of fuel to the Ceylon Electricity Board as well.However, Wijesinghe stated that the CEB must pay in rupees for the stocks of fuel.Meanwhile, the daily fuel demand has reported a rapid increase within the last few days.The Chairman of the Ceylon Petroleum Corporation stated that the average daily fuel demand in the country is 6,000 metric tons, however, on Saturday (19) the demand recorded an increase of 9,000 metric tons.

Reliance Industries Ltd, Tata Steel, JSW Steel, NBFCs, among others, will be in focus on Monday.Larsen & Toubro, Kotak Mahindra Bank, Can Fin Homes, Chennai Petroleum Corporation, ICICI Securities, Mahindra Holidays & Resorts India, Navin Fluorine International, RPG Life Sciences, Sharda Cropchem and UCO Bank are among 41 companies that are scheduled to announce their quarterly earnings on 25 January.SGX Nifty futures traded 116.05 points higher at 14,536.00, indicating a strong opening for Indian benchmarks.On Friday, the S&P BSE Sensex declined 746.22 points to 48,878.54 on January 22 while the Nifty50 index plunged 218.50 points to 14,371.90.Asian shares were on the defensive on Monday as rising covid-19 cases and doubts over the ability

NEW DELHI: Government on Tuesday extended the deadline to submit bid documents for Air India by two months to 30 June, given the ongoing nationwide lockdown.

A sharp fall in global crude oil demand caused by the Covid-19 pandemic may fuel further cooperation between India and China, the world’s third and second-largest oil importers respectively.