Lanka Indian Oil Company waiting to market turbine fuel
Aviation turbine fuel which is an improved version of kerosene oil will gain high demand after Weerawila airport commence its operation and it is not very costly fuel. (It costs 100 LKR/lit). Lanka Indian Oil Company is waiting for approval from government to market aviation fuel. These days CEPETCO (Ceylon Petroleum Co-operation) is the monopoly to market aviation fuel. Before LIOC come to Sri Lanka CEPETCO was the monopoly for every fuel in Sri Lanka. But now there is duopoly in main fuel and lubricant market.
The managing director of LIOC K. Ramakrishnan said to Sunday observer that they are planning to set up an oil refinery in Trincomalee and waiting for approval from government. The proposed plant is to be set up on 50 acre land. Recently LIOC commenced the operation of its lube plant in Trincomalee. (Nov. 21) It was a 1.4 billion LKR investment.
LIOC is a company which has good turnover and every growing market share. It had 1.67 billion turnover for the period from April to September and it has 23 % share on petrol and diesel and 13 % share on lube oil.