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UN Secretary-General Calls Governments to tax ‘Immoral’ Profits of Oil and Gas Companies

As the war in Ukraine continues to rage, skyrocketing energy prices are compounding an existential cost-of-living crisis for hundreds of millions of people, warned the UN Secretary-General’s Global Crisis Response Group (GCRG)…

COPE Recommends an Investigate into the cancellation of the gas tender given to Siam Gas Company Limited and opting to purchase gas at a higher price

The Committee on Public Enterprises (COPE) chaired by Prof Charitha Herath recommended an investigation be conducted through the Auditor General’s Department on the cancellation of the Term Tender, which had been…

Potential in biofuels for transport sector in Sri Lanka

By Ravinda Soysa All states currently rely substantially on petroleum based fuels for power generation, transportation and agricultural activities. The fact that only a few countries generate the majority of…

Sri Lanka Power Union Announces Strike, Raising Risk of Blackouts

(Reuters) – A power sector union in Sri Lanka said on Wednesday it will go on an indefinite strike from midnight in protest against new government legislation, potentially leading to…

Sri Lanka increases fuel prices to address economic crisis

(Reuters) – Sri Lanka increased fuel prices on Tuesday, a long-flagged move to mend public finances and combat its debilitating economic crisis, but the hikes are bound to add to…

World Bank agrees to provide $600 million in financial aid for crisis-hit Sri Lanka

The World Bank has agreed to provide Sri Lanka with $600 million in financial assistance to meet payment requirements for essential imports, according to Sri Lankan president’s media division said.…

India to provide crisis-hit Sri Lanka with an additional US$500 million for fuel

Sri Lanka’s continued fuel crisis has prompted India to extend another helping hand to the troubled island nation with an additional $500 million in financial aid. Sri Lanka’s foreign ministry…

Crisis-hit Sri Lanka, India revive talks to link electric grids

(Reuters) – India and Sri Lanka have resumed talks on linking their electricity grids, officials told Reuters on Tuesday, a step that could aid New Delhi’s goal of reducing China’s…

Indian Companies Scramble To Set Up Renewable Energy Projects In Sri Lanka

Indian companies have bagged several renewable energy projects in economic-crisis hit Sri Lanka. The Indian government has offered a line of credit to Sri Lanka to help the island nation…

Sri Lankan shares post worst week ever amid power crisis

Sri Lanka shares had their worst weekly fall ever on Friday, having extended losses to a fifth straight session, with the Colombo Stock Exchange halting trade for a third consecutive…