Subscribe

Sri Lanka calls RFQs to issue licences for new lubricant players

2018-09-12 10:15:52
0
592

The Ministry of Petroleum Resources Development has called for Requests for Qualification (RFQ) to issue new licences to import, export, supply, blend and distribute lubricants with certain barriers under the third round of lubricant industry liberalisation. 


The interested parties, either local or international who intend  to blend or produce lubricants and grease in Sri Lanka are required to possess at least 5-years of experience in the lubricant business while showcasing the ability to invest a minimum of US$5 million, according to the RFQ published on the Ministry of Petroleum Resources Development webpage.

 

In order to apply for license to import, export, supply, distribute lubricants and greases, the firms are required to show their ability to invest a minimum of US$1 million.
The Ministry of Petroleum Resources Development noted that there is a greater potential for such exports, especially in view of bi/multi-lateral concessionary trade agreements between Sri Lanka and other countries.


Petroleum Resources Development Ministry Secretary Upali Marasinghe earlier told Mirror Business that the number of new licences to be issued would depend on the soundness of the proposals.


During the year 2017, lubricants (automotive, marine and industrial) sales amounted to 64,485 Kilo Litres at a value of Rs. 26.5 billion. 


The automotive, industrial, marine and other (including greases) lubricant sales accounted for approximately 72.58 percent, 16.48 percent, 6.45 percent and 4.49 percent of the market amounting to Rs. 19.7 billion, Rs. 3.6 billion, Rs. 1.5 billion and Rs. 1.78 billion respectively. During this period, approximately 45,367 Kilo Litres were blended locally, while approximately 24,740 Kilo Litres were imported as finished products. In addition, during the same period, 4,568 Kilo Litres of Lubricants were exported to regional markets.


Sri Lanka has 13 market players and 22 authorized lubricant brands, while around 70 percent of the lubricant market is served by 10 licence holders.

 

 


  Comments - 0

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Name is required

Email is required
Comment cannot be empty

DFCC Bank felicitates Samata English CSR programme graduates

Monday, 19 November 2018 14:18
0
402

Strengthening its Strategic CSR pillar of Education, DFCC Bank recently organised a graduation cerem


DIMO Premier: hassle free one stop shop for certified pre-owned vehicles

Monday, 19 November 2018 12:41
0
452

DIMO is bringing the best of tailored, high quality service to customers via ‘DIMO Premier&rsq


H One launches Res.Q Machine Inventory

Monday, 19 November 2018 11:53
0
449

Leading full-service IT solutions provider, H One, announced the launch of Res.Q| MI; an all-encom


More News