Southern Petroleum partners LIOC to open fuel station
Southern Petroleum (Pvt) Ltd, a fully owned subsidiary of Laugfs
Holdings Ltd, opened a fuel station in partnership with Lanka IOC PLC (LIOC)
in Galle recently.
|
W. K. H. Wegapitiya. |
This was set up under an MoU signed by the two parties recently
pertaining to the addition of petrol variants by LIOC at stand-alone
auto LPG filling stations owned and operated by Laugfs. The new fuel
station is the first to be set up under the MoU and many more fuel
stations have been planned under the dealership of LIOC.
When the Government liberalised the petroleum sector almost a decade
ago, Laugfs Petroleum (Pvt) Ltd was the only Sri Lankan company to
invest in the petroleum retail sector.
"We at Laugfs believe that it is our responsibility to participate in
the opportunities and expand our services to meet the growing demand for
fuel. We consider the petroleum retail trade industry as an area that
needs a collective approach. Southern Petroleum's strategic partnership
with LIOC will certainly help develop our business even further," said
Laugfs Holdings, Chairman, W. K. H. Wegapitiya.
Lanka IOC, a subsidiary of Indian Oil Corporation Ltd, is the only
private oil company that operates retail petrol and diesel stations in
Sri Lanka.
"Indian Oil is committed to being a good strategic partner in Sri
Lanka and its experience in downstream petroleum operations in India is
helping to create a healthy and competitive petroleum industry in Sri
Lanka. Lanka IOC currently operates about 158 petrol and diesel stations
in Sri Lanka," an LIOC spokesman said.
Laugfs Holdings Limited is a diversified business conglomerate and
has a substantial stake in the power and energy sectors. |
