In an attempt to ease the island nation’s acute gasoline shortages, Sri Lanka has granted the go-ahead for India’s Lanka Indian Oil Corporation (LIOC) to build 50 additional outlets, a company spokesman said on Monday.
It has been more than 70 years since Sri Lanka has had a financial crisis as a result of a lack of foreign currency, which has left the country unable to pay for crucial imports like food and medication.
According to LIOC’s Managing Director Manoj Gupta, the company plans to spend roughly 2 billion rupees ($5.5 million) to expand its network of 216 gasoline stations on the island.
The Colombo Stock Exchange lists LIOC, an Indian Oil Corporation affiliate.
For some time, we’ve been trying to acquire this permission and we are more than happy to step out and play a greater role in supporting and working with Sri Lanka to tackle its difficulties, Gupta added.
Ceylon Petroleum Corporation (CPC), the country’s major gasoline marketer, with roughly 1,190 service stations.
An arrangement reached in December gave LIOC ownership of 75 oil tanks at a crucial storage facility near Sri Lanka’s eastern port of Trincomalee, paving the way for the company’s retail growth.
