Lanka IOC (a wholly owned subsidiary of Indian Oil Corporation Limited) will soon be inviting bids for the 50 new retail fuel outlets they have been invited to open by the Sri Lankan government.
The Ministry of Power and Energy has announced that Lanka IOC has been granted permission to open 50 new fuel stations island wide. LIOC at present has 211 outlets.
A detailed advertisement for inviting applications will be released shortly. Investment on tanks, dispensing units, equipment will be with LIOC, but infrastructure costs will have to be borne by dealers. The land for the outlet will have to be owned or leased by the applicant,’’ said Manoj Gupta, MD LIOC.
LIOC was the only retailer of fuel in Sri Lanka selling fuel even during peak of the crisis during late June when the country was facing protests, forcing the then President Gotabaya Rajapaksa to flee the country.