Category Archives: Articles
Lanka IOC shines with Gold at CA Sri Lanka’s 56th Annual Report AwardsDecember 16, 2021 3:06 pm
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) accorded the “Gold Award” to the Annual Report of Lanka IOC PLC under the Power and Energy Sector for the year 2020-21 during the Grand Finale of 56th Annual Report Awards ceremony.
Annual Report awards by CA Sri Lanka are the most prestigious awards and corporate event over half a century in the country which awards the selected Corporates for their resilience and perseverance in promoting transparency, accountability, good governance, and social responsibility helping investors and other stakeholders gain better insight into the organisation’s operations and achievements.
The award was received by Lanka IOC Managing Director Mr Manoj Gupta and his team at the award ceremony held recently at the BMICH. The ceremony was held under the patronage of Viraj Dayaratne, President’s Counsel, and Chairman of the Securities and Exchange Commission of Sri Lanka, Manil Jayesinghe, President of CA Sri Lanka, Dumith Fernando, Chairman of the Colombo Stock Exchange, Sanjaya Bandara, Vice President of CA Sri Lanka, Chaaminda Kumarasiri, Chairman of the Annual Report Awards Committee; Chamila Cooray, Alternate Chair of the Annual Report Awards Committee, Rajeeva Bandaranaike, Chief Executive Officer of the Colombo Stock Exchange and Dulani Fernando, Chief Executive Officer of CA Sri Lanka.
Speaking at the acceptance of the award, Mr Manoj Gupta stated that “The Annual Report Award is affirming our continuous commitment towards transparent reporting and upholding the highest standards of corporate governance. The year 2020-21 was an extraordinarily turbulent phase in the backdrop of the pandemic. Our passionate and dedicated teams; within our organization and across our value chain network stepped forward to serve with unstinted passion and dedication. Our foremost priority was to serve with a’ Nation First’ mindset. Over our 19-year journey we at LIOC have always been committed to play a pivotal role in the economic development of the country, by powering the nation through vibrant channels of distribution and a diversified range of products.”
Over 70 companies, ranging from conglomerates, multinationals to non-profit organisations, and SMEs, were honoured at this year’s competition for their excellence in financial reporting.
The recognition of Annual Report represents company’s standards in financial reporting in line with global standards, performance and prospects that lead to the value creation over the short, medium and long term beyond the statutory compliance of reporting. The award ceremony was graced by many distinguished guests from Industry across all sectors in Sri Lanka.
Lanka IOC commences supplies of VLSFO 0.5% Sulfur IMO 2020 compliant Bunkers at TrincomaleeDecember 15, 2019 10:32 pm
Lanka IOC commences supplies of VLSFO 0.5% Sulfur IMO 2020 compliant Bunkers at Trincomalee. The very first VLSFO supply was given thru LIOC’s Time Chartered barge Ocean Trinco to the receiving vessel MV Mykonos Seas. Earlier, the very first import consignment of VLSFO was received at Trincomalee Terminal from the tanker MT Purity which was shipped from IndianOil Corporation ex Kandla Port, India.
Lanka IOC Attains Benchmark ISO CertificationNovember 16, 2018 5:46 pm
In our tireless attempts to ensure customer and environment safety, Lanka IOC’s Trincomalee terminal has attained a benchmark standard, becoming the first such terminal in the country to be accorded with the ISO 14001: 2015 certification.
Contributing to 15 of the 17 Sustainable Development Goals, this certification emphasizes our team’s commitment to create only the best experiences for our customers while prioritizing environmental sustainability.
Lanka IOC organizes a mega workshop on ”CUSTOMER SERVICE TRAINING” and launches “LIFE INSURANCE COVER” scheme for Pump AttendantsMarch 26, 2018 3:16 pm
Lanka IOC PLC transformed the petroleum landscape in Sri Lanka by providing a new experience to customers through value added services at the LIOC retail outlets, and is committed for continuous improvement in petroleum retailing in the country & ensure regular up gradation in customer services to match best international standards. However branding is incomplete unless customer experience is same across the network. Realizing this Lanka IOC has been continuously working on standardization of customer service experience across its network. Thus apart from regularly improving look of the petrol pumps, Lanka IOC has been regularly working on the improvement in the soft skills of its manpower. Both dealers & staff at a Petrol Station are critical in providing good customer experience. Lanka IOC conducts regular training programs for dealers as well as for pump attendants with the help of the best universities in the country. Experts in the field of sales & marketing imparts trainings to dealers & their staff on regular basis. Considering the nature of business & flammable products being handled at the petrol stations, Safety is of paramount importance at a petrol station. Considering this dealers & pump attendants are also being trained for “Fire & Safety Precautions” through “Fire & Rescue Training Academy, Colombo”. We have identified ‘Pump Attendants’ working at our Petrol Stations as our most important link in our customer services as they being the first touch point for our customers. Focus is on bringing improvement in their life. To help them upgrade their education levels, Lanka IOC has registered select few with NAITA to help them acquire higher education. Slowly this benefit will extend to all pump attendants working with Lanka IOC petrol stations.
In line with our agenda of regular & continuous improvement towards further enhancing the customer service experience in the forecourt, Lanka IOC PLC organized a mega workshop on ”CUSTOMER SERVICE TRAINING” for Pump Attendants at BMICH.
Mr. Shyam Bohra, Managing Director of Lanka IOC PLC, commenting on this event stated ‘Recognizing the importance of our Customer Attendants to our business, we foresee a timely need for a clinical session to increase customer services, adopting best practices, improvements on service quality, Cleanliness, Safety and Health Precautions of both the Customer Attendant and the Retail Outlet, and to adequately empower them to handle difficult situations and strengthening team work.’ Further he stressed on the following core areas on which Lanka IOC will be focusing for the benefits of the Pump Attendants and for the customers; Mobile application for the Pump Attendants as a learning tool for the improvement of the customer service quality of pump attendants; Developing soft skills of the pump attendants to enhance customer service; regular training for improving the awareness of the fire and safety precautions at the ROs, etc.
Approximately 450 Pump Attendants attended the ‘Training Program’, representing the entire retail network of Lanka IOC across the island. Seeing a disciplined work force all well groomed & flashing dark blue Lanka IOC uniform was a visual delight. This initiative was to generate a positive impact and a close relationship with Pump Attendants motivating them to deliver a service par excellence.
Despite suffering huge losses in Auto Fuel sales due to absence of any Pricing Formula in the country, Lanka IOC is not stopping on its agenda of modernizing its retail network & enhancing customer experience. Once again, In a first of its kind of initiative in the petroleum industry in the country, Lanka IOC launched the scheme of Life Insurance Cover for the pump attendants working at LIOC retail outlets across island in association with Allianz Lanka, a global leader in insurance. LIOC offered a Life Insurance Cover of LKR. 500,000 which goes upto LKR One Million in case of Accidental Death Benefit Cover. It also includes Permanent Disability Cover and Partial Disability Cover. This will certainly create the peace of mind and improve the quality of life of the pump attendants.
Lanka IOC PLC, the overseas venture of Indian Oil Corporation is a Fortune 500 company, with the vision of becoming a transnational energy major, set foot into Sri Lanka in June 2002 revolutionizing the petroleum landscape in the island by providing Sri Lankan motorists a new refueling experience offering a range of world class lubricants and branded fuels that include Servo, Xtra Premium Petrol and Xtra Mile Diesel and providing high quality Marine Fuels catering to bunker fuel requirements in ports across Sri Lanka.
Lanka IOC receives ISO 9001:2015 QMS certification of LBP and LABNovember 28, 2017 5:15 pm
World Environment Day – June 5June 5, 2017 6:36 pm
To mark this year’s World Environment Day, let’s make a pledge to use energy more efficiently and help preserve the integrity of our environment. We at Lanka IOC have been fueling this drive by producing energy efficient world class petroleum products that bring maximum efficiency out of your engine. Together, let’s make the environment and the planet, Great Again.
World Environment Day 5th June 2017.
High quality engine oil sri lanka deserves from Lanka IOC ServoMay 3, 2016 5:35 pm
Lanka IOC Sri Lanka offers a variety of lubricants and engine oil Sri Lanka needs. From motorcycles to ships Lanka IOC has a huge variation of engine oil and lubricant products.
Lanka IOC Servo is a leader among the lube and engine oil market in Sri lanka, promising to offer the best high quality world class engine oil Sri Lanka deserves. Servo lubricants is produced in Sri Lanka according to the globally renowned Servo specifications in Lanka IOC’s state of the art labs in Trincomalee.
Find out more about the products by visiting their website and using the chooser application for Lanka IOC consumer lubricants and Industrial Lubricants for Engine oil Sri Lanka.
Lanka IOC Servo engine oil lubricant in Sri LankaApril 4, 2016 5:16 pm
Sri Lanka may have a growing lubricant and engine oil market and there are numbers of lube brands out there yet the number one engine oil Sri Lanka is trusting is Lanka IOC Servo lubes and engine oils.
Lanka IOC offers the highest and best quality engine oil Sri Lanka deserves.
See the range of engine oils and lubes Lanka IOC Servo is offering to the Sri Lankan vehicle users. Users on the Lanka IOC website can use the Chooser application to see what Servo engine oil is best for their vehicles. Servo engine oil is produced in Lanka IOC’s state of the art facility in Trincomalee, with it’s own labs and production facilities.
Lanka IOC to explore Myanmar and Indonesian markets; retains MTIMarch 21, 2013 12:08 pm
Lanka IOC a prominent figure among Sri Lanka Oil Companies and offering Lube and Engine oil in Sri Lanka, with a vision of exporting lube products, signed an agreement retaining the services of MTI Consulting to carry out a study of the fast emerging Myanmar and Indonesian markets.
Speaking at the occasion Lanka IOC MD Subodh Dakwale said: “One of our strategic pursuits is to increase the exports of Sri Lanka, given our international capabilities in the lube business. Lanka IOC is currently exporting lubricants to neighbouring countries like Maldives and Nepal.
“We witnessed that the emerging markets in the Mekong Valley and South East Asia as prime prospects, and will be looking forward to the benefits of working with MTI, who have impressive credentials across emerging markets.”
MTI consulting has worked across emerging markets in Asian, Middle East and African regions, which includes projects carried for multi-national and regional companies in Algeria, Bangladesh, Cambodia, Egypt, Indonesia, Jordon, Iran, Iraq, Lebanon, Myanmar, Nigeria, Pakistan, Philippines and Syria.
Lanka IOC is a public listed company in the Colombo Stock Exchange with a turnover of Rs. 60.4 billion for the year 2011-12.
Taken from FT.lk
Standerd Charted Lanka IOC collaborate on electronic banking transactionsSeptember 24, 2016 11:06 am
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