IOC launches operations in Sri Lanka

[May 29, 2003 - 10.30 GMT] 

Indian Oil Corporation (IOC), India’s largest commercial enterprise, officially launched its operations in Sri Lanka, under the name of Lanka IOC on Wednesday.

India's Petroleum and Natural Gas Minister Shri Ram Naik, who was here for the occasion, opened the first refurbished outlet in Colombo yesterday.

“The energy sector, petrolium in particular, is the key driver in the progress of a nation,” Ram Naik said in his message to mark the event.

“India greatly appreciates the opportunity extended by Sri Lanka to be a partner in the growth and expansion of it’s down stream petrolium sector,” he said.

Power and Energy Minister Karu Jayasuriya, Minister of Economic Reform Science and Technology Milinda Moragoda, and IOC Chairman M. S. Ramachandran were present at the event.

Following the MoU signed between IOC and Ceylon Petrolium Corporation in June 2002, for collaboration in the petroleum sector, Lanka IOC was incorporated in Sri Lanka.

“Lanka IOC will also provide much needed energy security to the country by maintaining buffer storage at China Bay Tank farm which was handed over to them for development, based on future operational requirements,” Minister Jayasuriya said.

IOC is the only Indian corporate in the Fortune ‘Global 500’ listing of world’s mega corporates with 10 operating refineries.

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Last Updated Date: May 29, 2003  - 10 .30 GMT.