Lanka IOC concerned over reported oil tanks takeover plans
Indian Oil Corporation Lanka on Tuesday expressed concern over media reports suggesting the island nation government was planning a takeover of its oil storage tanks in the north-eastern port district of Trincomalee.
When asked for his comments, Lanka IOC Managing Director Subodh Dakwale said while there was no official intimation yet he was “concerned and disturbed when there are reports that someone is trying to take over.”
“What would you feel if someone says they are trying to take away my sofas and other furniture from the house,” Mr. Dakwale asked while speaking to reporters.
IOC Lanka took over 100 Ceylon Petroleum Corporation owned petrol/diesel stations in February 2003 and commenced retailing products to customers.
Earlier this week, Sri Lanka has rejected a ship load of 5,000 tonnes of diesel from Indian Oil, saying the fuel is of poor quality.
Mr. Dakwale said the company has initiated an inquiry and was not selling the diesel that did not meet Sri Lanka’s requirements for colour and appearance.
He also said Lanka IOC was losing at least five rupees on every litre of diesel it sold in the local market, but still managed to make profits on account of sales of bitumen and lubricants, PTI reports.
Courtesy: Ada Derana
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Sri Lanka has adequate skills, expertise and capital to effectively manage the 100 service stations under control
of the IOC.
The IOC is reporting losses in distribution of diesel and possibly, that is the reason for importing substandard diesel.
If the IOC is making losses, it is an “underperforming” asset and must be acquired under the Underperforming Assets Act similar to the Sevenagala Sugar Factory.
The Sevenagala Sugar Factory is flourishing under governmental care and so will the 100 IOC controlled service stations.
The IOC can distribute its substandard diesel in India and please leave us alone to push ahead in the path towards the Wonder of Asia based Mahinda Chinthana Idiri Dekaama.
Excellent comment Chandini, we do not need this Indian guy to run our petrol stations. Especially this guy is selling substandard diesel wrecking our vehicles.
Indians will do anything to earn money. They can even sell their mothers and sisters and wives to earn money.
Best is to send them back across the Palk Strait to sell rubbish diesel to the Jayalalitha Government.