Standard Chartered’s (StanChart) global Internet banking platform Straight2Bank will now facilitate Lanka IOC PLC’s migration to automated payments and collections.

This facility was ceremonially inaugurated by Lanka IOC Chairman B.S. Canth on his visit to Sri Lanka by approving its maiden electronic payment.

The event was attended by senior officials of Lanka IOC and Standard Chartered. The ERP support was provided by Ceylon Petroleum Storage Terminals Ltd (CPSTL), which is a joint venture company of Lanka IOC PLC. This three-way partnership is set to change the transaction banking landscape of Sri Lanka’s oil and gas industry. Standard Chartered Transaction Banking Head Bingumal Thewarathanthri commenting on the new facility said, “Developing solutions that are progressive and cutting edge is a key focus of our transaction banking business. This implementation is a testament to how well Standard Chartered is placed in Sri Lanka to help organisations such as Lanka IOC PLC minimize the use of paper and leverage on technology by relying on a standardized electronic platform to execute payables, perform reconciliations and fast forward receivables in a seamless manner.”

Speaking at the inauguration ceremony, Lanka IOC PLC Senior Vice President Finance Anuj Jain emphasised, “Automation has played a pivotal role in streamlining processes and mitigating operational risks in our parent organisation IOC, which transacts over 90 percent of payments and receivables electronically through online banking platforms. We are confident that we can build on our experiences and achieve optimum levels of automation in Sri Lanka through Standard Chartered’s global internet banking platform.” Lanka IOC Managing Director Shyam Bohra mentioned that he is encouraged by the technological advancements in the banking sector which offers substantial benefits to all associated stakeholders. He also appreciated the manner in which Lanka IOC’s banking partner has effectively connected systems seamlessly to deliver this solution.

Standard Chartered Commercial Banking Sales Head Roger Norton further commented, “At its early stages of the roll out, Lanka IOC’s collections and payments will be executed through the automated clearing house (ACH) and then be migrated to the real-time clearing platform by leveraging on the common electronic fund transfer switch (CEFT), which facilitates immediate fund realisation on a 24 X 7 basis, administered online through Standard Chartered’s Internet banking platform, Straight2Bank. The solution is a celebration of collaborating systems such as SAP, Virtual Accounts and state-of-the-art clearing mechanisms, which will accelerate the working capital cycle of Lanka IOC.”

In Sri Lanka, Lanka IOC not only fule but a leader on Engine oil Sri Lanka was incorporated in 2002 and currently operates over 199 filling stations, distributing automotive fuel, servo lubricants, bitumen and bunkers and is a comprehensive fuelling service provider.

Taken from Daily Mirror

Lanka IOC PLC has embarked on the organization’s next Corporate Social Responsibility (CSR) stance by giving a generous donation towards the Trail Walk initiative which took place in October this year.

The cheque for the generous amount was handed over to Mahela Jayawardena and Kumar Sangakkara by LIOC Managing Director, Shyam Bohra.

Lanka IOC Managing Director, Shyam Bohra said, “We believe in providing support to crowd funding initiatives such as the Trail Walk, which help to bring together communities and the general public, who participate in a truly worthy initiative”.

The Trail Walk, which was a brainchild of Founders Nathan Sivagananathan and Sarinda Unamboowe is Sri Lanka’s largest ever crowd-funded charitable initiative. The aim of the walk by volunteers was to raise US$ 5 million or approximately Rs. 735 million towards building a new cancer unit at the Karapitiya Teaching Hospital in Galle. Trail initially commenced in the year 2011 in the form of a walk which started from the southernmost part of the country and finished at the south in the course of 27 days covering 670 km in total.

Lanka IOC PLC is the subsidiary of IOCL, a Fortune 500 company. It is the only private oil company and a major player among Sri Lanka oil companies, other than the state-owned Ceylon Petroleum Corporation (CPC) that operates over 199 retail petrol/diesel stations in Sri Lanka and has a very efficient lube marketing network.

Taken from Daily Mirror 

The specialty of the product as mentioned was its improved strength and aesthetic look and the feel for the buyer.  Other features as noted were its increased speed, smoothness, higher life span and energy with a higher load. Lanka IOC PLC Managing Director Shyam Bohra said that they are pleased to introduce the global container concept to Sri Lanka.

“The new design has the ease of handling it, and the aesthetic look is better than before. This particular design has been developed following research,” he said.He added that this container is much stronger in terms of design and the container can be used for different purposes and will certainly benefit the end users more. Though there are 13 players in the country’s lubricant market at present, Chevron being the leader, he said that with improved accessibility and brands, their market share is increasing year-on-year.

Being the number two player in Sri Lanka and enjoying a market share of 17-18 percent at the moment, he said that they are aspiring to touch up to 25 percent in 4-5 years. He added that as the R&D is done in India, the new technology is being immediately imparted to Sri Lanka.

He further said that with over 1,000 commercial grades and over 1,500 formulations encompassing literally every conceivable application, SERVO serves as a one-stop shop for complete lubrication solutions in the automotive, industrial, and marine segments.

It was also noted that it comes to Sri Lanka as a compliment from the parent company as it will not add any extra cost to LIOC or consumers.

As LIOC exports Servo brand of lubricants to Maldives, they would be exporting to Indonesia as well in the near future.

Lanka IOC is a leader among Sri Lanka Oil Companies and the Indian Oil’s subsidiary in Sri Lanka, is the only private oil company other than the state-owned Ceylon Petroleum Corporation (CPC) that operates retail petrol/diesel stations in Sri Lanka and a key player in engine oil in Sir Lanka market. It has over 150 fuel stations in  Sri Lanka.

Taken from Daily Mirror 

Sri Lanka’s IOC a visible player among Sri Lanka Oil Companies, a subsidiary of Indian Oil Corporation, is to expand their existing bunkering operations at Trinco port as the prospects for this business line are promising, particularly given the strategic positioning of the port and its significant potential for growth, the company said.

Trincomalee is the world’s 5th best natural harbour and provides an excellent opportunity to meet the bunker need of the vessels operating on the Bay of Bengal – Western Countries shipping route.

LIOC commenced bunkering operations in Trincomalee in June last year and to optimize the storage and operating costs the company commissioned storage of bunker fuels at its Trincomalee Terminal in February 2016.

The company currently operates one bunker barge with capacity for 400 MT of 380cst fuel and 400 MT of MGO.

The forex income generated from this business line has enabled the LIOC to hedge against its foreign currency payments in the purchase of oil imports.

During the 2015/16 financial year, bunkering has achieved a volume growth of 20 percent although revenue declined by 31 percent due to the reduction in international prices, the company’s annual report showed.

Operating from Colombo and Trincomalee harbour, LIOC is the 2nd largest operator for bunkering in the island’s bunkering market supplying fuel oil and diesel for vessels at berth and anchorage at the Colombo and Trincomalee ports, which accounted for 13 percent of company’s revenue.

During the Indian PM’s visit to Sri Lanka, Ceylon Petroleum Corporation and LIOC agreed to jointly develop the upper tank farm of the China Bay installation in Trinco.

Lanka IOC, already operates 15 oil storage tanks out of 99 tank farm in Trinco and each storage tank has a capacity of around 12,000 tonnes.

Meanwhile, petroleum sector unions recently charged the government for trying what they called ‘to privatize’ the Trincomalee tank farm to India and Hambanthota oil and bunkering business to China.

Convener for Petroleum Union Collective D J Rajakaruna said the government allows other countries to make profits out of promising bunkering business in Trinco and Hambanthota without letting the business to the state owned CPC.

He further charged that the government is also planning to form a separate company under CPC for aviation business with a view to ‘privatize’.

Taken from – LBO

In its endeavors to built capabilities of our channel partners towards even changing external environment and to make them better capable in handling challenges in the market place, Lanka IOC PLC conducts several workshops for its dealers with the help of experts in the field.

One such workshop on Capability building was conducted for dealers in association with Faculty of Management studies, University of Sri Jayewardenepura. The major topics included in this workshop Attitude change, Human Resources Management, Customer orientation, and Brand Management.

About 65 dealers participated in this workshop successfully conducted by Senior lecturer Mr. Rukmal Weerasinghe and Dr. Janak Kumarasinghe, in the presence of Senior Vice President (RS & HR) Mr. Siddharth Agarwal.

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A prominent figure among Sri Lanka oil companies and Sri Lanka’s only private oil company that operates fuel retail outlets and a key figure among Sri Lanka oil companies, Lanka IOC PLC said it was reducing the prices of two of its own fuel brands from midnight, yesterday.

Accordingly, the price of a litre of Xtra Premium Euro 3 (petrol) and Xtra Mile (diesel) was reduced by Rs.2 each.

The revised prices of Xtra Premium Euro 3 (petrol) and Xtra Mile (diesel) will be Rs.121 and Rs.97 per litre, respectively.

Sri Lanka has fixed prices for diesel and petrol but special varieties don’t come under them. The government is yet to introduce a transparent cost-reflective pricing mechanism for the fuel retailing sector.

Taken from Daily Mirror

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The Sri Lankan unit of Indian Oil Corporation plans to expand export markets and has said it will enter the Malaysian and Indonesian lubricant markets.
“Our growth plans have not been limited to the domestic market,” Lanka Indian Oil Corp. Managing Director Subodh Dakwale said.

LIOC has done a study on entering export markets with its premium lubricants and is currently testing the markets of Indonesia and Malaysia with the appointment of a small number of distributors for Lanka IOC lubricants.

“Plans for exporting lubricants will be unrolled during the year to test the markets of Indonesia and Malaysia,” Dakwale told shareholders in the company’s annual report.

“Although I do not anticipate significant revenue contributions from market development initiatives over the short term, I believe export markets will open up new revenue opportunities over the longer term.”  (Colombo/August 25 2015)

Extracted from: www.shipandbunker.com

Lanka IOC PLC (Lanka IOC), the Sri Lankan subsidiary of India’s largest oil refiner Indian Oil Corporation Ltd, says it is aiming to sell 10,000 mt of MGO and 380 CST by the end of 2015, Platts reports.

The company has already reportedly sold 4,000 mt of both 380 CST and MGO since its Trincomalee bunkering operations began on June 25, and is aiming to increase this to 6,000 mt during its second month of operations.

Lanka IOC is said to have a capacity for 20,000 mt of 380 CST and 6,000 mt of MGO in its Trincomalee storage tanks.

Lanka IOC is currently offering 380 CST product that it says it imports through a tender process from either Singapore, Fujairah, or India.

Both types can be set for delivery within the next one or two weeks, says Lanka IOC.

Last week, it was reported that Lanka IOC had commenced bunkering operations from its Trincomolee oil terminal, which is said to provide additional bunkering options to the vessels operating in Bay of Bengal.