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Southern Petroleum, LIOC opens fuel depot in Galle, Sri Lanka

Southern Petroleum (Pvt) Ltd, a fully owned subsidiary of Laugfs Holdings Ltd., recently opened its newest fuel station in a partnership with Lanka IOC PLC (LIOC).
This comes after the two companies had set up an MoU regarding the addition of petrol variants by LIOC at standalone auto LPG filling stations owned and operated by Laugfs.
The new fuel station is the first one to be established under this MoU, and many more fuel stations have been planned under the LIOC name in the future.
When the government of Sri Lanka decided to open up the petroleum sector almost a decade ago, Laugfs Petroleum became the only Sri Lankan company to invest in the petroleum retail sector, thereby introducing new industry standards that the Sri Lankan petroleum industry had never before experienced.
“We at Laugfs believe that it is our responsibility to participate in the available opportunities and expand our services to meet the growing demand for fuel. We consider the petroleum retail trade industry as an area that needs a collective approach. Southern Petroleum’s strategic partnership with a prestigious multinational organization such as LIOC will certainly help develop our business even further,” said Laugfs Holdings Chairman W. K. H. Wegapitiya.
“Indian Oil is committed to being a good strategic partner in Sri Lanka and its experience in downstream petroleum operations in India is helping to create a healthy and competitive petroleum industry in Sri Lanka. Lanka IOC currently operates about 158 petrol and diesel stations in Sri Lanka,” an LIOC spokesman said.
Lanka IOC, a subsidiary of Indian Oil Corporation Ltd., is the only private oil company that operates retail petrol and diesel stations in Sri Lanka.
Laugfs Holdings Limited is a highly diversified business conglomerate and has a substantial stake in the power and energy sectors.
(October 10, 2013)