Gotabaya retains Mahinda, drops 3 Rajapaksas in new cabinet

Beleaguered Sri Lankan President Gotabaya Rajapaksa on Monday appointed a new 17-member Cabinet that excluded his close relatives except Prime Minister Mahinda Rajapaksa, as he called for a "system......

Sri Lanka plunges into 10-hour daily power cut as fuel crisis worsens

The Sri Lankan government on Wednesday extended the nationwide daily power cuts from seven hours to 10 due to the non-availability of fuel to generate hydro-electricity. IMAGE: People stand in a......

Sri Lanka, India ink deal to jointly redevelop strategic oil tank complex

Sri Lanka on Thursday signed an agreement with India to jointly redevelop the strategic World War II-era oil tank farm in the island nation's eastern port district of Trincomalee, in a new......

IOC in the red in Sri Lanka

Indian Oil Corporation Ltd sank deeper into the red with losses amounting to Rs 1.2 billion, as Colombo is yet to repay billions for selling fuel below costs.A unit of the Fortune 500 IOC, LIOC's......

IOC likely to enter S Africa

Indian Oil Corporationplans to enter Indonesia, South Africa and Nigeria through floating marketing subsidiaries.N G Kannan, marketing director, IOC, told Business Standard: "Upcoming countries......

IOC, Lanka govt spat intensifies

Cash strapped Sri Lankan unit of Indian Oil Corporation on Tuesday announced it will not replenish stocks unless the Sri Lankan government moved to settle a disputed Rs7.44-billionsubsidy claim.A......

IOC to pay $75 mn for 100 petrol pumps in Lanka

The country's largest refiner Indian Oil Corporation will pay $75 million for acquiring 100 petrol stations and storage facilities in Sri Lanka."We have completed the valuation of 100 petrol......