Sri Lanka Chevron unit lube plant gets new lease

Chevron Corp.’s Sri Lanka unit, Chevron Lubricants Lanka Ltd. (CLL), said the island’s government has extended the lease on a piece of land, where its blending plant is located, for a further five years, ending months of uncertainty. CLL said Sri Lanka’s ministry of petroleum was informed that the cabinet of ministers had approved the extension of the lease, but new commercial terms had not yet been notified. Chevron Lubricants owns the blending plant, but it is located on state land. The firm was originally the lubricants division of state-run Ceylon Petroleum Corp. (CPC), which was privatized. (March 26, 2009)