Sunday Dec 22, 2024
Sunday Dec 22, 2024
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Lanka IOC PLC’s Rs. 320 million grease plant in Trincomalee, the first of its kind in Sri Lanka, began commercial operations yesterday. The construction of the plant began in FY21.
LIOC also said that approval from the Board of investment has also been obtained to extend the existing Lube Blending plant of the company’s Trincomalee Terminal in this regard.
The opening of the grease plant will help save valuable foreign exchange as at present the requirement is met entirely via imports.
The plant’s capacity of 3,000 tons is capable of meeting the entire market demand in Sri Lanka.
“The new grease plant provides a cost advantage against imported grease, thus offering immense prospects of expanding our sales volumes.
“This would also conserve foreign exchange whilst creating employment opportunities and generating revenue to the Government through value addition,” LIOC Managing Director Manoj Gupta said.
