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Chevron to relocate its Lubricant blending plant
Link:http://lankabusinesstoday.com/corporate/announcements/1462-lasting-lease
Mar 17, 2012 (LBT) - Chevron Lubricants Lanka PLC (LLUB) is yet to relocate its oil blending plant since the current existing land lease agreement with Ceylon Petroleum Storage Terminals Ltd expires in July 2014. The lease agreement covering the land on which the Lanka Lubricant’s blending plant is located expires on 14th July 2014 with no provision for renewal thereafter. And the Lease only relates to the land and the Plant and equipment that are owned by the Company.
In the latest annual report of the company Chairman Farrukh Saeed reveals that “In order to sustain the long term growth of the business, the Board has made a decision to relocate the plant at the expiry of the lease of the land.” he further notes that the Board is currently evaluating the cost and benefits of several properties identified for this purpose.
Ceylon Petroleum Storage Terminals Ltd’s (a unit of state owned Ceylon Petroleum Corporation) Lubricating Oil Blending Plant was Privatized in December, 1992, and then came in to the hands of the ownership and operation of the Lanka Lubricants Limited (LLUB).
The land lease agreement between Chevron Lubricants Lanka PLC and Ceylon Petroleum Terminal Storage Ltd (CPSTL) was initially expired on 13th July 2009. The initial lease for the land executed during the privatization processes was for a period of 10 years from 14th July 1994 and subsequently extended for a further period of 5 years.
Later LLUB had discussions with the Ministry of Petroleum for an extension of the lease and based on the response form the Ministry later it was informed to Colombo Bourse on 25 March 2009 that the Company has been informed by the Additional Secretary to the Ministry of petroleum that the Cabinet has granted approval for the extension of the land lease agreement for a further period of five years on commercial terms.
Link:http://lankabusinesstoday.com/corporate/announcements/1462-lasting-lease
Mar 17, 2012 (LBT) - Chevron Lubricants Lanka PLC (LLUB) is yet to relocate its oil blending plant since the current existing land lease agreement with Ceylon Petroleum Storage Terminals Ltd expires in July 2014. The lease agreement covering the land on which the Lanka Lubricant’s blending plant is located expires on 14th July 2014 with no provision for renewal thereafter. And the Lease only relates to the land and the Plant and equipment that are owned by the Company.
In the latest annual report of the company Chairman Farrukh Saeed reveals that “In order to sustain the long term growth of the business, the Board has made a decision to relocate the plant at the expiry of the lease of the land.” he further notes that the Board is currently evaluating the cost and benefits of several properties identified for this purpose.
Ceylon Petroleum Storage Terminals Ltd’s (a unit of state owned Ceylon Petroleum Corporation) Lubricating Oil Blending Plant was Privatized in December, 1992, and then came in to the hands of the ownership and operation of the Lanka Lubricants Limited (LLUB).
The land lease agreement between Chevron Lubricants Lanka PLC and Ceylon Petroleum Terminal Storage Ltd (CPSTL) was initially expired on 13th July 2009. The initial lease for the land executed during the privatization processes was for a period of 10 years from 14th July 1994 and subsequently extended for a further period of 5 years.
Later LLUB had discussions with the Ministry of Petroleum for an extension of the lease and based on the response form the Ministry later it was informed to Colombo Bourse on 25 March 2009 that the Company has been informed by the Additional Secretary to the Ministry of petroleum that the Cabinet has granted approval for the extension of the land lease agreement for a further period of five years on commercial terms.
