Govt. renews Indian Oil licence in SL

Friday, 27 October 2023 01:26 - - {{hitsCtrl.values.hits}}

The Government has renewed the Petroleum Products licence of Lanka IOC PLC for 20 years more with effect from 22 January 2024.

With a countrywide footprint of over 250 retail outlets, LIOC services 20% of Sri Lanka’s retail fuel demand. Indian Oil Corporation owns 75% stake in LIOC and the rest by the public.

Having entered Sri Lanka 21 years ago, LIOC in FY23 posted its best ever results – record turnover of Rs. 281.5 billion and a net profit of Rs. 37.7 billion.

IOC is India’s state-owned energy company which is the country’s largest commercial enterprise with operations in eight countries.

IOC possesses business interests across the entire hydrocarbon value chain – from refining, pipeline transportation and marketing of petroleum products to exploration and production of crude oil and gas, marketing of natural gas and petrochemicals. Thus, LIOC draws synergies and strength from the parent entity’s six decades of expertise and experience. It has played a pivotal role in developing the framework, driving innovation and ensuring environmental sustainability in the energy sector.