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Re: LIOC Community

Postby SHARK » Tue Oct 24, 2017 5:22 pm

in CBSL Governor and FM Mangala /Eran in we believe :D

There will be more for pricing formula than against lone voice of Arjuna :)
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Re: LIOC Community

Postby Rapaport » Tue Oct 24, 2017 5:26 pm

Hopefully Maithri will not veto the formula!! Lol

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Re: LIOC Community

Postby SHARK » Tue Oct 24, 2017 6:52 pm

Rapaport wrote:Hopefully Maithri will not veto the formula!! Lol
Agreed :)
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Re: LIOC Community

Postby PAT » Fri Oct 27, 2017 12:44 am

Pricing formula for fuel by March next year; electricity by September

The government is committed to introduce a cost-reflective pricing formula for fuel and electricity by next year, Central Bank Governor Dr. Indrajit Coomaraswamy said.


“The government is now committed under the structural benchmarks of the IMF to introduce a pricing formula for fuel in March and a pricing formula for energy probably by September, next year,” Coomaraswamy told a forum in Colombo, this week.


State-run Ceylon Electricity Board (CEB) has a near total monopoly in electricity generation and a total monopoly in transmission and distribution in Sri Lanka, while Ceylon Petroleum Corporation (CPC) has only one private sector competitor—Lanka Indian Oil Company PLC.


Both the CEB and CPC have been selling their products and services at subsidized prices and as a result, have accumulated losses running into billions of rupees, becoming two of the largest loss-making state-owned enterprises (SOEs).


Although the government directs these two state-owned utilities to sell their products and services at subsidized prices, no budgetary transfers are done to support these subsidies, leaving them with a precarious financial predicament, which becomes toxic with their inherent inefficiencies.


A pricing formula will allow these utilities to price their products and services in a cost-reflective manner and keep the political interferences at bay. Successive governments have used electricity tariffs and fuel prices to sway voters during election times.


This has pushed Sri Lanka repeatedly into vicious economic cycles. For example, the decision announced in the November 2011 budget not to increase electricity tariffs during the Mahinda Rajapaksa administration led the country into a balance of payment crisis.


Sri Lanka is a net importer of oil and it is used as fuel in transportation and also used to produce thermal power. Due to the recent drought situation in the country, the hydropower generation came down to about 40 percent, making the country to import more oil.According to the Central Bank data, Sri Lanka’s oil import bill in the first eight months rose 43.4 percent year-on-year to Rs.2.2 billion. This was a result of higher import volumes due to increased thermal power generation as well as rising global oil prices.


The average import price of crude oil was recorded at US $ 53.07 per barrel in August 2017 compared to US $ 46.71 per barrel recorded in August 2016.


The implementation of a pricing formula for fuel and electricity has always been a challenge for successive governments, given the political risks associated with such a move. The present coalition government is expected to face some tough local government elections this January.
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Re: LIOC Community

Postby SHARK » Fri Oct 27, 2017 1:06 am

smart investors will collect from the bottom......

as a starting point 30rs is ok.

anyone else with other ideas ?

with quarterly results not good for the next 3 as brent keep rising.... how far they will push down as last resort to collect..... or else will the activation begin, now that information is out.
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Re: LIOC Community

Postby P_T » Fri Oct 27, 2017 9:48 am

great news for LIOC...!! ;;)

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Re: LIOC Community

Postby SHARK » Fri Oct 27, 2017 9:51 am

we should spread our buying in to 3 phases.
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Re: LIOC Community

Postby Contra » Fri Oct 27, 2017 11:48 am

SHARK wrote:smart investors will collect from the bottom......

as a starting point 30rs is ok.

anyone else with other ideas ?

with quarterly results not good for the next 3 as brent keep rising.... how far they will push down as last resort to collect..... or else will the activation begin, now that information is out.


It is time to take list of

Promising companies which are making losses
Out of favour and stagnated strong companies
Company which can deliver earnings surprises during next six months to 18 months

And then plan for a perfect trading or investment. Very short term trading could make heavy losses in market like this. It is also wise to watch for market trend in November.(make or break month for the market)

Be fearful when others become greedy for very short term massive gain specially for speculative and momentum stocks( investors should not get caught to short term trend in the market as they are taking long term risk in the market)
Be greedy when others become fearful and when others do fire sales for fundamentally sound stocks and multibaggars.
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Re: LIOC Community

Postby catseye » Wed Nov 01, 2017 7:56 am

Not sure this will happen or not. Just saw in today lankadeepa.
http://www.lankadeepa.lk/top_story/%E0%B6%AD%E0%B7%99%E0%B6%BD%E0%B7%8A-%E0%B6%B8%E0%B7%92%E0%B6%BD-%E0%B6%85%E0%B6%A9%E0%B7%94-%E0%B6%9A%E0%B6%BB%E0%B6%B1%E0%B7%8A%E0%B6%B1-%E0%B6%BA%E0%B6%BA%E0%B7%92/10-519704

තෙල් මිල අඩු කරන්න යයි

ඩීසල් සහ පෙට්‍රල් මිල ඉදිරි සති කිහිපය ඇතුළත අඩු කිරීමට ඛනිජ තෙල් නීති ගත සංස්ථාව තීරණය කර ඇතැයි එහි ආරංචි මාර්ග කියයි.

සංස්ථාව එම තීරණය ගෙන ඇත්තේ අද රැස්වූ සමාලෝචන කමිටුවේදී සාකච්ඡා කිරීමෙන් අනතුරුවය.

ඛණිජ තෙල් සංස්ථාව පසුගිය කාලයේ ලාභ ලැබීය. සැප්තැම්බර් මස ලාබය රුපියල් මිලිය 9000 ඉක්මවීය.

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Re: LIOC Community

Postby SHARK » Wed Nov 01, 2017 8:26 am

catseye wrote:Not sure this will happen or not. Just saw in today lankadeepa.
http://www.lankadeepa.lk/top_story/%E0%B6%AD%E0%B7%99%E0%B6%BD%E0%B7%8A-%E0%B6%B8%E0%B7%92%E0%B6%BD-%E0%B6%85%E0%B6%A9%E0%B7%94-%E0%B6%9A%E0%B6%BB%E0%B6%B1%E0%B7%8A%E0%B6%B1-%E0%B6%BA%E0%B6%BA%E0%B7%92/10-519704

තෙල් මිල අඩු කරන්න යයි

ඩීසල් සහ පෙට්‍රල් මිල ඉදිරි සති කිහිපය ඇතුළත අඩු කිරීමට ඛනිජ තෙල් නීති ගත සංස්ථාව තීරණය කර ඇතැයි එහි ආරංචි මාර්ග කියයි.

සංස්ථාව එම තීරණය ගෙන ඇත්තේ අද රැස්වූ සමාලෝචන කමිටුවේදී සාකච්ඡා කිරීමෙන් අනතුරුවය.

ඛණිජ තෙල් සංස්ථාව පසුගිය කාලයේ ලාභ ලැබීය. සැප්තැම්බර් මස ලාබය රුපියල් මිලිය 9000 ඉක්මවීය.


තෙල් වලට වතුර කළවන් කරලා ද දෙන්න හදන්නේ කැප්ටන් කූල් b-(
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Re: LIOC Community

Postby SHARK » Wed Nov 01, 2017 8:39 am

මේ යක්කුන් ගේ පුද්ගලික කොම්පැනියක් ද මේ වගේ පාඩුවට දුවන්න
එහෙනම් මේවා සුම්මා දුන්නොත් හොඳ නැද්ද?

හැමදේම පාඩුවට දීලා අනෙක් පැත්තට බදු පිට බදු ගහලා සාමාන්‍ය මිනිසුන්ගෙන් තුට්ටු දෙකට විදිනවා.

motorists should pay whats due, as simple as that.

nobody will complain.

9000 million must be before finance costs. i doubt they made net positive earnings. otherwise why they ask government assistance :)

very fishy report by the paper. could be misleading. looking for opportunity to win votes in the local elections.
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Re: LIOC Community

Postby SHARK » Wed Nov 01, 2017 9:11 am

cpc.png


Very good management style in CPC, hand to mouth existence :))
is the decision coming from the stock review committee :-B

is that the apex committee to take decision in CPC :-\

very unprofessional ... where can we get the latest financials of CPC 8-x

is this profit after taxes (net of taxes) or gross profit =))
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Re: LIOC Community

Postby GB » Wed Nov 01, 2017 9:46 am

පෙට්‍රොලියම් එක ප්‍රොෆිට් කියන්නෙ... :)) :))

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Re: LIOC Community

Postby GB » Wed Nov 01, 2017 9:48 am

GB wrote:පෙට්‍රොලියම් එක ප්‍රොෆිට් කියන්නෙ... :)) :))


Then Union can demand to increase the salary and Bonus... =)) =))

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Re: LIOC Community

Postby batman111 » Wed Nov 01, 2017 9:55 am

(If above happens)

Zero knowledge in business, fully politically motivated :(

the whole country will have to pay later day...

would love to hear the stance of Dr. Harsha & Eran ......
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Re: LIOC Community

Postby SHARK » Thu Nov 02, 2017 7:17 pm

ECONOMYNEXT - Sri Lanka's top 30 percent of society consumed and overwhelming 70 percent of fuel sold in the country and subsidies are effectively channelled to the rich, World Bank country economist Ralph van Doorn said.

Pricing reforms were required to fix state enterprises, which have now become fiscal risks, van Doorn said.

"Since the non-poor are the largest consumers of fuel and electricity the administered fuel prices are an effective subsidy to the non-poor funded indirectly by fiscal resources," World Bank's Sri Lanka Development Update for 2017 said.

The share was much higher than the consumption of fuel by the bottom 40 percent of earners directly and indirectly through public transport, the report said.

In all countries most of the income of the poor go to food, and energy consumption goes up with income as they travel more and use powered equipment and air conditioning.
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Re: LIOC Community

Postby Hawk Eye » Sun Nov 05, 2017 11:32 pm

What is the effect LIOC share price going to have with the current fuel crisis.If properly handled LIOC has to pay damages.

According to news papers the crisis broke out after

1. A shipment of petrol imported by the LIOC failed to meet the required specification and was rejected by the CPC ( Means LIOC imported substandard oils to gain huge profit)
2.It was tested for the second time and rejected , where the vessel Mt PORM ASTRID thereafter turned back to the Trincomalee harbour port where
it remains there now. Ministry has directed not to unload the shipment at Trincomalee
3.A substitute shipment of LIOC supposed to arrive on Oct 27 has not arrived yet. ( Means the second shipment also substandard oil)

Being a public quoted Company where is the good governance, Ethics etc etc... What are the Directors of LIOC doing?

Are they just preparing and inserting the phrases in Annual Report for the sake of preparing it

...Thus, the Company places special emphasis on being transparent, accountable and ethical in the pursuit of our corporate objectives, leading to a solid governance foundation on which to build the future sustainable growth of the Company.. Annual Report pg 96: Corporate Governance of LIOC

"...The petroleum product is checked at both the loading and unloading port to ascertain quantity and to ensure quality standards are aligned with
LIOC’s standard requirements..." Annual Report pg 80: Procurement practices of LIOC

"..Given the nature of LIOC’s business operations, the Company takes product responsibility aspect very seriously.." Annual Report pg 81: Product Responsibilty of LIOC


Deputy Minister Anoma Gamage states the shortage is because of rumors. But made spot purchases ( at what price?)

Will they ask for damages from LIOC for all these crisis.. or as usual our typical Sri lankan politics style.. will the ministers take advantage of the crisis to take huge sums to fill their pockets from LIOC to undermine issue.

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Re: LIOC Community

Postby Hawk Eye » Mon Nov 06, 2017 1:07 pm

Hawk Eye wrote:What is the effect LIOC share price going to have with the current fuel crisis.If properly handled LIOC has to pay damages.

According to news papers the crisis broke out after

1. A shipment of petrol imported by the LIOC failed to meet the required specification and was rejected by the CPC ( Means LIOC imported substandard oils to gain huge profit)
2.It was tested for the second time and rejected , where the vessel Mt PORM ASTRID thereafter turned back to the Trincomalee harbour port where
it remains there now. Ministry has directed not to unload the shipment at Trincomalee
3.A substitute shipment of LIOC supposed to arrive on Oct 27 has not arrived yet. ( Means the second shipment also substandard oil)

Being a public quoted Company where is the good governance, Ethics etc etc... What are the Directors of LIOC doing?

Are they just preparing and inserting the phrases in Annual Report for the sake of preparing it

...Thus, the Company places special emphasis on being transparent, accountable and ethical in the pursuit of our corporate objectives, leading to a solid governance foundation on which to build the future sustainable growth of the Company.. Annual Report pg 96: Corporate Governance of LIOC

"...The petroleum product is checked at both the loading and unloading port to ascertain quantity and to ensure quality standards are aligned with
LIOC’s standard requirements..." Annual Report pg 80: Procurement practices of LIOC

"..Given the nature of LIOC’s business operations, the Company takes product responsibility aspect very seriously.." Annual Report pg 81: Product Responsibilty of LIOC


Deputy Minister Anoma Gamage states the shortage is because of rumors. But made spot purchases ( at what price?)

Will they ask for damages from LIOC for all these crisis.. or as usual our typical Sri lankan politics style.. will the ministers take advantage of the crisis to take huge sums to fill their pockets from LIOC to undermine issue.



Any thoughts :-w

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Re: LIOC Community

Postby Contra » Mon Nov 06, 2017 1:32 pm

This is going to be very interesting one. I thought crowds will become panic. Fortunately it didn’t happen. Will there be demand for their products once dust settles? In the short run there may be some uncertainty.
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Re: LIOC Community

Postby Contra » Mon Nov 06, 2017 2:16 pm

What is happening in the oil market? IOC have only 20% of market share.
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Re: LIOC Community

Postby PAT » Mon Nov 06, 2017 9:42 pm

Sri Lanka petrol panic leaves unanswered questions

ECONOMYNEXT - Sri Lanka's petrol panic which reached a flashpoint this week has been smouldering since mid-October amid a tug-o-war between the island's authorities controlling a state-run distributor and a unit of Indian Oil Corporation which has a smaller market share, it has been revealed.

Sri Lanka has rejected two shipments of petrol brought by an Indian oil distributor and refused to allow a cargo of petrol found with particles to be filtered because it has 'not been done before', officials said.

Hundreds of cars are lining up at petrol stations especially in the densely populated capital Colombo to pump petrol, with stock running out fast as people bought more fuel than usual.

Brewing Crisis

The roots of the crisis had begun over two weeks ago on October when a ship with a cargo of petrol ordered by Lanka IOC, had arrived in Colombo.

It had been rejected after sample tests showed particulate contamination, Petroleum Minister Arjuna Ranatunga said.

Officials said it was believed that the fuel had contaminated on board the ship as the fuel was certified as clean when loaded.

Minister Ranatunga said he was not sure whether the fuel was of bad quality in the first place.

Lanka IOC had offered another cargo of petrol and diesel, which had been rejected because the diesel was not found to be within the specifications.

LIOC had then offered to filter the fuel in the ship, by transferring the cargo to another ship.

Against Procedure

Minister Ranatunga said he could not agree to the process as there was no guarantee that the fuel would be clean, particularly as there were incidents in the past when vehicles were damaged with bad fuel.

He had come under severe pressure to accept the cargo, but had not given in, he said. Some private parties had also talked to him to influence the case, he said.

Officials said no opportunity was given to try the filtering process and test the fuel, as it was against 'standard operating procedure'. Whether or not such operations were carried out abroad, it had not been done in Sri Lanka, they said.

Ship-to-ship transfers could also affect fuel including moisture, in some cases, industry analysts say.

At the moment Sri Lanka does not have an independent regulator for petroleum, who can make such decisions.

Two labs had tested refined products, one was at Ceylon Petroleum Corporation and the other at the common user terminal, in which LIOC had a minority one third stake.

In 2011, engines of hundreds of cars were damaged due to off-spec fuel imported by Ceylon Petroleum Corporation, leading to stricter checks.

Ranatunga said the ship with the contaminated fuel had been taken to Trincomalee, and was being closely monitored, he said.

Under contractual agreements with Sri Lanka, LIOC was obliged to deliver fuel to specifications, he said.

He had President Maithripala had spoken to President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. Future action would be decided after the current crisis is over, he said.

Stocks

At the moment Sri Lnaka had tanks to store 90,000 metric tonnes of fuel, and daily use was about 2,500 metric tonnes, Minister Ranatunga said.

A shipment of about 40,000 metric tonnes was imported when stocks went down to about 50,000 metric tonnes.
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Re: LIOC Community

Postby SHARK » Mon Nov 06, 2017 11:53 pm

The Lanka Indian Oil Company (LIOC), which accounts for 16 per cent of market share in the supply of petrol in the country, has ordered an emergency supply of 15,000 tonnes of petrol from India to meet the current shortage, an official said today.

LIOC Managing Director Shyam Bohra told Daily Mirror the LIOC had contacted several suppliers and had managed to purchase a stock of petrol on spot basis.

"The petrol is being loaded and will reach Sri Lanka on November 9 or 10," he said.

When asked to comment on the current petrol shortage, he said his office had procured 35,000 tonnes of petrol from M/s TOTAL, the French Multinational Oil Company.

Mr. Bohra said the shipment arrived on October 16, 2017 and samples were tested at the CPC/CPSTL laboratory and found complying with the chemical properties of petrol specifications but contained some visible particles and such the CPC/CPSTL laboratory refused to approve the stock of petrol. The ownership of the petrol remains with M/s TOTAL till it satisfies the requirements of CPC/CPSTL laboratory. LIOC immediately informed M/s TOTAL to replace the cargo.

"M/s TOTAL offered to remove the particles through a filtration process, which is quite common in petroleum and shipping industries but officials refused to accept the product at the meeting held on October 31, 2017. Thereafter, LIOC again advised M/s TOTAL to replace the cargo, but has not done so yet. LIOC always adhere to the quality parameters in totality and procure the goods only from reputed oil companies and this is quite evident from past records,” he said.

Mr. Bohra said LIOC had only 16 per cent market share in the country and its daily sales requirement of petrol was approximately 600 tonnes.

“According to its records, LIOC still has a stock of 3,500 MT of petrol as on date. To the extent possible, some quantity of petrol is being released daily by LIOC from the Trincomalee Terminal. The present situation is mainly due to the reason that the stock of petrol imported by the CPC has been delayed while M/s TOTAL is taking time to replace the cargo. CPC petrol is expected to arrive on Wednesday or Thursday,” he said. (Kelum Bandara)
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Re: LIOC Community

Postby SHARK » Mon Nov 06, 2017 11:58 pm

Guys I have a simple question.

If LIOC fuel supplies are checked for quality by CPC. Who checks CPCs fuel....

Is it by CPC, how ethical is that ?

There is always conflict of interest ne.

If substandard fuel is found in CPC ..... will they simply sweep such issues under carpet and quietly replace the shipment or end up in fuel stations :D
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Re: LIOC Community

Postby topcat » Tue Nov 07, 2017 6:49 am

LIOC smells sinister attempt over fuel crisis

Lanka IOC Plc fears an apparent sinister motive to place the blame for the ongoing fuel shortage and resultant disruption entirely on the company despite it accounting for only 15% of the supply.

Company sources confirmed that the last shipment received from French firm Total SA on 17 October had some issues but could have been rectified with proper filtering since the cargo had some particles.

However, despite offers to fix the problem with discussions on 19, 24 and 31 October, the CPC had not been cooperative.

Given the fact that LIOC only accounts for 15% of the supply i.e. 85% onus on the CPC, the authorities as well as motorists blaming the current fuel crisis on the company is being viewed as totally unjust.

Sources alleged that the CPC perhaps had overestimated its prowess despite its shipment also being delayed and it failing to rectify the situation. This is manifested by the fact that CPC had not agreed to LIOC’s offer to resolve the issue concerning its latest shipment. Usually a shipment of fuel takes around 20-25 days at most.

“Being the dominant player, CPC should bear the larger responsibility for the current crisis, especially since it rejected mitigation measures proposed by LIOC,” knowledgeable industry analysts told the Daily FT.

Despite the apparent “cold or unfair treatment” for mysterious reasons by CPC, LIOC had proceeded with an emergency supply of 15,000 metric tons from its parent IOC, due by 10 November directly from India.

With regard to the rejected oil tanker anchored at the Trincomalee harbour, LIOC sources said that it was the responsibility of TOTAL SA, as a duty had to be paid to the Lankan authorities before the tanker could be removed from the port.

The crisis also comes as LIOC has been urging an upward revision in fuel prices, stating that currently it (as well as CPC) is incurring a Rs. 22 loss per litre of petrol and Rs. 14 for a litre of diesel.
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Re: LIOC Community

Postby stocks hunter » Tue Nov 07, 2017 7:46 am

This is purely due to the panic & this has fulled by the media. When you have a rumor like this we always used to get extra fuel to our MVs. That is the main issue for the shortages. It's like all the depositors going to a bank & ask for their own money from the bank at a very short time. Can you imagine that type of a situation? How can a bank give back all the money belongs to the depositors in a short time.? When the bank is in trouble without hard cash just imagine the panic situation among depositors & the message goes every where that XXX bank is in trouble of giving cash back. This will create unnecessary panic among others as well & they also think that they should withdraw money from that bank without an actual reason.

This is what has happened to the fuel issue. Many fuel dealers mentioned that all who come to get fuel wanted to have full tank for them.


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