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Indian Petroleum giant eyeing oil exploration in Lanka
Tuesday, 21 February 2006 - 5:06 AM SL Time
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Marking one of the major breakthroughs of President Mahinda Rajapakse`s recent visit to India the largest and one of the fastest growing private sector companies in India yesterday announced its plans to invest in Sri Lanka`s petroleum sector. Reliance Industries Ltd, one of the Fortune Global 500 companies would be one of the strong competitors among other international giants to enter into oil exploration activities in Sri Lanka.
The Company`s head of Interantional Operations Atul Chandra told the media in Colombo that the company will look at all possible areas of investment in the petroleum sector in Sri Lanka and from oil exploration to petroleum products retailing.
Chandra and the Vice President of the company`s International Business Development, Sailesh Mukherjee who held talks with officials of the Ceylon Petroleum Corporation and the Petroleum Resource Development Committee had also expressed their interest to assist the local petroleum industry by way of technology transfer and training in oil exploration and refining. `Our history as far as oil exploration is concerned is only six years.
But we have proved our capability by taking the challenge of moving into deepwater oil exploration straight away. We think that we have a better understanding of the geology of Sri Lanka and can help the country to develop its petroleum sector,` Chandra said. The Reliance group of companies is also engaged in a wide range of business activities including infrastructure, telecom, insurance and energy sectors.
It owns the world`s third largest refinery in Jamnagar which has a capacity of 540,000 barrels per day.
The company is also operating in country`s such as Yemen, Oman and Colombia. The Board of Investment (BOI) Chairman Prof. Laxman R. Watawala said Sri Lanka gives highest priority to India in future economic activities and the trade between the two countries will get a further boost with the Comprehensive Economic Partnership Agreement coming into force.
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LuckyJay
Joined: Feb 2006
Posts: 83
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21 Feb 2006 04:10:17 GMT Report for Abuse
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| There is no oil close proximity of sri lanka,if a barrel of crud $ 60 in the open market,it will cost us more then $100 a barrel to produce this.who will pay the deferences,what this crooks are trying to do is to make money ,they will buy from open market and sell to us at a higher rate saying it is from sri lankan . |
kiwikanga
Senior Member
Joined: Nov 2005
Posts: 968
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21 Feb 2006 05:01:03 GMT Report for Abuse
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| Only oil SL has is Coconut Oil and Gingelly Oil! |
sukumum
Joined: Nov 2005
Posts: 24
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21 Feb 2006 06:05:45 GMT Report for Abuse
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Can someone explain this - Petrol costs INR 50/- per Ltr
in India while it is sold for SLR 80/- per Ltr in Colombo.
Converting to USD - India : USD 1.128/Ltr Colombo : USD 0.78/Ltr. Diff of USD.0.348 per ltr is huge. How they manage ?? |
mimslanka
Joined: Nov 2005
Posts: 322
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21 Feb 2006 06:32:41 GMT Report for Abuse
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| The platform for another new State of India. Big brother hegemony is on the cards. Get the expertise of Malaysia and be independant. |
Ruwani
Joined: Jan 2006
Posts: 762
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21 Feb 2006 16:20:49 GMT Report for Abuse
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Sukumum,
Probably because in SL oil is subsidized. And we usually don't pay the subsidy bill to the IOC as a way of telling them to get out. One more reason why I support this government. |
saliya
Joined: Mar 2005
Posts: 109
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21 Feb 2006 16:26:05 GMT Report for Abuse
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| It is good Indians are interested on this business. They have better knowledge and experience in oil deposits in this region. I remember Dr Kulasingham who worked as a chemistry professor in university of Peradeniya in 70's said srilankan oil deposits are mixed with methane and thefore it may difficult to extract. That's why Pesalai project was unsuccessful. Indians may have technology to to overcome this problem. |
David
Joined: Nov 2005
Posts: 48
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21 Feb 2006 18:31:38 GMT Report for Abuse
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| Are the JVP brethren still formulating their position on this. They are silent. |
TREX
Joined: Feb 2006
Posts: 13
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21 Feb 2006 19:39:04 GMT Report for Abuse
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| LUCKY JAY..... how the hell you know no oil around sri lanka ???? did you lick all arond ....... (wht evr) hi hi hi |
TREX
Joined: Feb 2006
Posts: 13
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21 Feb 2006 19:43:28 GMT Report for Abuse
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| Ho... ho... KIWIKANGA like coconut oil, c any nut comes with oil |
kiwikanga
Senior Member
Joined: Nov 2005
Posts: 968
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24 Feb 2006 00:29:50 GMT Report for Abuse
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TREX, what about cadjunut and arrecanut?
Edited By - kiwikanga - 24 Feb 2006 00:31:02 GMT |
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