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| Sunday, 02 March 2003 |
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Business |  |
| News Business Features Editorial
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Newsmaker of the Week : Lanka IOC Ltd Chairman and IOC Planning and Business Development Director N.K. Nayyar The Indian Oil Company (IOC) has taken over the 99 Ceylon Petroleum Corporation (CPC) oil tanks in Trincomalee on a long-term lease while it is also in the process of taking over 250 retail filling stations. It is scheduled to take over 25 retail filling stations within the next eight to 10 weeks There were doubts among CPC employees that they will lose their jobs once the oil tanks are taken over. "We assure the continuance of jobs of 273 CPC employees. "Out of the 99 oil tanks at the site, only 15 are operational. Before repairing the remaining tanks, the IOC has decided to update those already in use which includes a complete overhaul of the existing pipeline system and other related works. "At present, we are refurbishing several of the 14 CPC stations we took over. "The first consignment of 40,000 tons of diesel from IOC for the exclusive use of its fuel stations is scheduled to reach Colombo Port by mid-March." Lanka IOC was incorporated as a wholly-owned subsidiary of IOC to handle all Sri Lankan operations. |
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