⛽ Pumping Up: Indian Oil Will Expand Operations In Sri Lanka To Alleviate Crisis
The Indian Oil Corporation (IOC) will expand its operations in Sri Lanka by opening 50 fuelling stations.
This ain’t just any other business expansion — but a well-thought one that would offer some respite to the crisis-facing island nation as it battles with the worst economic as well as fuel crisis.
The IOC would invest in storage tanks and other equipment while the dealers are expected to have the land and bear other infrastructure costs.
Sri Lanka has been floating in its worst financial crisis in more than 70 years. The shortage of foreign exchange has led to a crisis or rather a struggle to pay for essential imports of food, medicine, and critically, fuel.
The opening of the new fuel stations will be done by India’s Lanka Indian Oil Corporation (LIOC), which is IndianOil’s subsidiary in Sri Lanka.
Yes, Indian Oil exists beyond just domestic borders…
LIOC is the only private oil company that operates retail petrol/diesel stations on the island. Since its inception in 2003, it has carried out retail marketing of petroleum products and bulk supply to industrial consumers, making it the 8th largest listed company in Sri Lanka.
The country’s largest fuel retailer, state-run Ceylon Petroleum Corporation (CPC), operates around 1,190 fuel stations.
LIOC’s retail expansion will be followed by the acquisition of 75 oil tanks in a storage facility near Sri Lanka’s eastern port of Trincomalee.
LIOC already has 216 fuel stations and will pump in Rs.2 billion in the expansion.
Too long? Here’s a one-liner: India’s Lanka Indian Oil Corporation (LIOC) to open 50 new fuel stations to help Sri Lanka alleviate the economy and fuel crisis.