Lanka IOC gets Rs 215cr settlement from SL govt

 Effective July 1, 2006, pricing of petrol and diesel was de-regulated in Sri Lanka and players have been allowed to fix the end-prices reckoning market conditions. Consequently, no subsidy is payable to LIOC by the Lanka government beyond June 30, 2006.

Meanwhile, LIOC has also laid the foundation for an 18,000 tonnes lube blending plant that would cost of Rs 22 crore for commissioning by June 2007, as part of the company's phased investments initiative of about Rs 450 crore.