Laugfs to expand Sri Lankan businesses

Two Sri Lankan companies revealed expansion plans last week. Laugfs Holdings Ltd. said it will expand its lubricant business in the country’s northern and eastern provinces in order to build trade links with the south. Next month, company officers will identify locations and carry out feasibility studies for the launch of its operations, which will include lubricant, liquified petroleum gas (LPG) and leisure market investments. Indian Oil Corp. affiliate Lanka IOC P.L.C. meanwhile said it will spend US$30 million to double the number of retail outlets in the country. Lanka IOC will add 35 to 40 fuel stations every year for four years to cater to an expected rise in demand for transportation fuels. (June 26/28, 2009)