Indian envoy Santosh Johan lauds LIOC contribution to SL’s economy
By: Staff Writer
January 29, Colombo (LNW): Subsequent to Petroleum Product License in Sri Lanka for another 20 years from January 22, 2024 Lanka IOC (Indian Oil Corporation), on Saturday to extend the ‘Group term assurance plan’ through LIC Lanka, official sources of the company revealed.
The government in 2023, also gave petroleum distribution licenses to China’s Sinopec and two other companies.
Both Lanka IOC and Sinope was to have been given a third share of the fuel business in the 2001 to 2003 privatization drive but it was halted after then Prime Minister Ranil Wickremesinghe was ousted.
The Indian High Commissioner to Sri Lanka, Santosh Jha, attended an event of Indian Oil’s subsidiary in Sri Lanka, Lanka IOC (Indian Oil Corporation), on Saturday to extend the ‘Group term assurance plan’ through LIC Lanka.
He lauded LIOC’s contribution to the economy and its service to society through various CSR activities. “extending the ‘Group term assurance plan’ through LIC Lanka to its 1500 customer attendants across the island.”
Lanka IOC is the only private oil company that operates retail petrol and diesel stations in Sri Lanka.
The economic crisis in Sri Lanka has adversely affected food security, agriculture, livelihoods, and access to health services.
Ahead of Sri Lanka’s presidential and parliamentary elections scheduled this year, Eastern Province Governor Senthil Thondaman affirmed support for sitting premier Ranil Wickremesinghe and backed him to be re-elected, saying that he stabilised the country and lifted the economy from dire straits.
On the ongoing negotiations with the International Monetary Fund (IMF) for securing the third tranche of loans for the economic bailout and recovery, the Lankan leader said the President was working with the world body to obtain the necessary funding and support and the country was well and truly on the road to recovery.
Sri Lanka has been reeling under a severe economic crisis in the recent past, with COVID-induced lockdowns wrecking the country’s economic backbone–tourism.
Mounting bad loans also added to the nation’s woes, putting the economy under severe stress and on the verge of bankruptcy.
In addition, a foreign exchange crisis, heavy Chinese debts, and a failed move to shift the country’s agriculture to 100 per cent organic had intensified the country’s troubles.
However, at a time when the country, also known as the Emerald Isle, was staring at an economic abyss, with riots breaking out and the previous Rajapaksa government collapsing in the face of mounting public anger, India came out in its support and extended a helping hand to its southern neighbour. New Delhi not only opened a line of credit for the embattled nation but also extended timely assistance on various fronts to help the island nation recover from the crippling economic crisis.