Approval had been given for India’s Lanka Indian Oil Corporation (LIOC) by Sri Lanka to get 50 new fuel stations opened, confirm by firm representative recently, in order to reduce severe shortages that collapsed economical stability.
In more than 70 years as a shortage of foreign reserves, Sri Lanka got its worst financial crisis, left struggling to pay for essential imports of food, medicine and captious fuel.
Manoj Gupta, Managing Director said that around 2 billion rupees ($5.5 million) on the expansion, LIOC would be the island’s fuel supply joint venture, 216 fuel stations were already situated.
Lanka Indian Oil Corporation is a subsidiary of India’s Indian Oil Corporation, which is also a part of Colombo Stock Exchange.
Moreover, Gupta stated that firm was trying to get approval from some time and willing to play a key role in order to support and work with island to get its challenges resolved.
1,190 pump stations were owned by Sri Lanka’s largest fuel retailer, Ceylon Petroleum Corporation (CPC).
Whereas, LIOC follows a separate agreement which got signed in December in order to get control of 75 oil tanks in strategically important storage facility near Sri Lanka’s eastern port of Trincomalee.