Sri Lanka to open up lubricant oil market, select new entrants.
Sri Lanka’s Cabinet of Ministers has recently decided to open up of the lubricant oil market and the selection of entrants to offer competitive prices.
The proposal to market high-quality, innovative products and allow consumers to have the opportunity to buy lubricants at a more competitive price submitted by Sri Lanka’s Power and Energy Minister Kanchana Wijesekera was approved by the Cabinet of Ministers, according to the Daily FT.
The government has stated that at present, 26 licensed companies including Sri Lanka’s petroleum utility – the Ceylon Petroleum Corporation (CPC) – are engaged in the lubricant industry in Sri Lanka.
The Ceylon Petroleum Corporation Act (No. 28 of 1961) and its accompanying amended provisions have empowered the Minister in charge of Petroleum Resources Development to select new applicants for entry into the lubricant industry and to grant licenses accordingly.
“Petroleum Resources Development Minister has fully opened the country’s lubricants oil market,” the statement issued by the Government had noted.
The ongoing power and energy crises in the country have presented new business/investment opportunities in Sri Lanka. It is in such a backdrop that the government of Sri Lanka has decided to open up the country’s lubricant market. The growth and profits recorded by the Indian Oil Company in Sri Lanka are indicative of the expanding business potential in Sri Lanka’s energy sector. The continuously growing demand for energy given the increasing demand for power and the overall economic activities, foreign businesses/investors could confidently explore the emerging business/investment opportunities in Sri Lanka’s lubricant market. There is also a growing demand for alternative energy sources in the country as well. Therefore, businesses in the energy sector could also look at providing alternative energy sources as well as the latest technical expertise in the global energy to Sri Lanka.
|Article Code :||VBS/AT/25012023/X_2|