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LIOC plans further investments

Lanka IOC has announced plans to invest in further expansion of its distribution network and product lines and to upgrade infrastructure in response to the growing demand for petroleum products in the country. The company, which posted a net revenue of Rs50.2 billion (US$452.99 million) in 2009 to 2010 to top the LMD 50 rankings, Sri Lanka’s annual ranking of leading listed companies, for the third consecutive year, said it would refurbish infrastructure at its Trincomalee terminal complex and create additional facilities in the region. Managing Director K. R. Suresh Kumar said, “The year that just ended was a good one for the petroleum industry in Sri Lanka, with consumption growing six to seven percent. We expect this trend to continue, necessitating medium- and long-term investments in storage and distribution infrastructure.” (January 9, 2011)