Lanka Indian Oil Corporation to set up 300 more fuel stations

Sri Lanka’s only privately owned petroleum retailer, the Lanka Indian Oil Corporation (LIOC), a subsidiary of Indian oil giant IOC, has submitted a proposal to the Minister of Petroleum and Petroleum Resources Development for setting up 300 new petrol sheds in the island. LIOC currently owns 100 fully-owned petrol sheds and 51 franchised petrol sheds. It has expressed hopes to fully modernise them and has already invested Rs 1 billion (US$22.75 million) to do so for 25 of the sheds. LIOC currently holds 30% of Sri Lanka’s petroleum market. (January 24, 2007)