Laugfs Group’s Southern Petroleum partners LIOC to open fuel station in Galle

Wednesday, 9 October 2013 00:00 - - {{hitsCtrl.values.hits}}

Southern Petroleum Ltd., a fully-owned subsidiary of Laugfs Holdings Ltd., opened its newest fuel station in partnership with Lanka IOC PLC (LIOC) on 7 October in Galle.

This was set up under an MoU signed by the two parties recently pertaining to the addition of petrol variants by LIOC at standalone auto LPG filling stations owned and operated by Laugfs. The new fuel station is the first one to be established under this MoU and many more fuel stations have been planned under the dealership of LIOC in the future. When the Government of Sri Lanka decided to liberalise the petroleum sector almost a decade ago, Laugfs Petroleum Ltd. created history by being the only Sri Lankan company to come forward and invest in the petroleum retail sector, thereby introducing new industry standards that the Sri Lankan petroleum industry had never experienced. “We at Laugfs believe that it is our responsibility to participate in the available opportunities and expand our services to meet the growing demand for fuel. We consider the petroleum retail trade industry as an area that needs a collective approach. Southern Petroleum’s strategic partnership with a prestigious multinational organisation such as LIOC will certainly help develop our business even further,” said Laugfs Holdings Chairman W.K.H. Wegapitiya. Lanka IOC, a subsidiary of Indian Oil Corporation Ltd., is the only private oil company that operates retail petrol/diesel stations in Sri Lanka. Indian Oil is committed to being a good strategic partner in Sri Lanka and its vast experience in downstream petroleum operations in India is helping create a healthy and competitive petroleum industry in Sri Lanka. Lanka IOC currently operates about 158 petrol/diesel stations in Sri Lanka. Laugfs Holdings Ltd. is a highly diversified business conglomerate and has a substantial stake in the power and energy sectors.