Lanka IOC PLC is a subsidiary of Indian Oil Corporation which operates retail petrol and diesel stations in Sri Lanka. LIOC was Sri Lanka's first private sector organisation retailing fuels. As of 2017 LIOC operated an island-wide distribution network of 213 retail outlets. Its headquartered in the Colombo City, Colombo.[5]
History
The company was incorporated in 2003 as LIOC. Indian parent company Indian Oil Company owned the majority of LIOC's stock, and N.K Nayyar served as its first chairman.[6] Before 2002, petroleum fuel retailing in the country was at the rudimentary level, limited to mere sales of auto fuel only. After the 2002 Sri Lankan Government's decision to liberalise the petroleum sector where the CPC will compete with the private sector. Indian Oil Corporation, will invest Rs. 10 billion (US$62 million for the first phase, US$38 million would be invested in the second phase) in Sri Lanka and will operate 100 fuel stations which it has purchased from the Ceylon Petroleum Corporation[7] In 2003, Sri Lankan Government give to 15 Trincomalee oil tanks, on a 35 years lease for an annual payment of US$100,000.