Sri Lankas government appointed a five-member committee to recommend new licenses for importing and distribution of lubricating oil.
As there is a great demand for the import of lubricating oil, the ministry has decided to widen the lubricating oil market by issuing new licenses, stated a report in Sri Lankas state-run Daily News on Sept. 25.
According to the article, the committee members include officials from Sri Lankas Standards Bureau, Treasury, Ceylon Electricity Board, and Industry and Commerce Ministry.
Ceylon Petroleum Corporation and 14 other companies now import lubricating oil into Sri Lanka, the report observed, which uses about 45,000 kiloliters of lubricants annually. Sri Lankas cabinet recently approved extension of Ceylon Petroleums licenses for importing and distributinglube oil by an additional five years.
In early 2007, Sri Lanka expanded the market by licensing sixfirms to market lubricants locally, as part of its continued efforts to open its lubricants market to companies seeking to blend locally or import products for sale.