Southern Petroleum (Pvt) Ltd, a fully owned subsidiary of Laugfs Holdings Ltd, opened a fuel station in partnership with Lanka IOC PLC (LIOC) in Galle recently. W. K. H. Wegapitiya. This was set up under an MoU signed by the two parties recently pertaining o the addition of petrol variants by LIOC at stand-alone auto LPG filling stations owned and operated by Laugfs. The new fuel station is the first o be set up under the MoU and many more fuel stations have been planned under the dealership of LIOC. When the Government liberalised the petroleum sector almost a decade ago, Laugfs Petroleum (Pvt) Ltd was the only Sri Lankan company o invest in the petroleum retail sector. “We at Laugfs believe that it is our responsibility o participate in the opportunities and expand our services o 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 LIOC will certainly help develop our business even further,” said Laugfs Holdings, Chairman, W. K. H. Wegapitiya. 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. “Indian Oil is committed o being a good strategic partner in Sri Lanka and its experience in downstream petroleum operations in India is helping o 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. Laugfs Holdings Limited is a diversified business conglomerate and has a substantial stake in the power and energy sectors.
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