Ministry of Power and Energy granted permission for Lanka IOC PLC, a subsidiary of Indian Oil Corporation to open 50 new fuel stations islandwide: LIOC Managing Director Manoj Gupta confirmed today.
Accordingly, the investment in tanks, distribution units, and equipment will be made available by LIOC while the land and cost for infrastructure for new fuel stations would be from the dealers' end.
The land is to be owned or leased by the applicant as well. The company is to issue a call for tenders for the new fuel stations under its flagship.
“Xpressing gratitude 2 GoSL,we feel proud 2 hve receivd permission 4 opening 50 new sheds.V shll soon release detailed advt.4 inviting applicatins.Investmnt on tanks,DUs, equipmnts shll be ours while land,infrastructure cost frm dealers end. Land to be owned or leased by applicant,” LIOC MD tweeted on his official Twitter handle.
The latest move by Ministry came in the wake of severe opposition by trade unions attached to state-owned Ceylon Petroleum Corporation which is making billions of rupees as a loss every month due to its economic mismanagement of the institution.
Currently, state-owned CEYPETCO operates 1,190 fuel stations while Lanka IOC PLC
operates 202 fuel stations in Sri Lanka.
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