Sunday, 29 October 2023 09:36

Government renews Indian Oil licence in Sri Lanka Featured

The Government has renewed the Petroleum Products licence of Lanka IOC PLC for 20 years more with effect from 22 January 2024.

With a countrywide footprint of over 250 retail outlets, LIOC services 20% of Sri Lanka’s retail fuel demand. Indian Oil Corporation owns 75% stake in LIOC and the rest by the public.

Having entered Sri Lanka 21 years ago, LIOC in FY23 posted its best ever results – record turnover of Rs. 281.5 billion and a net profit of Rs. 37.7 billion.

IOC is India’s state-owned energy company which is the country’s largest commercial enterprise with operations in eight countries.

Thus, LIOC draws synergies and strength from the parent entity’s six decades of expertise and experience. It has played a pivotal role in developing the framework, driving innovation and ensuring environmental sustainability in the energy sector.

 

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