Litro Gas Lanka Ltd is about to award the latest one year term tender of 280,000 MT of LP gas to Oman Company, OQ Trading in accordance with the endorsement of the Standing Cabinet appointed Procurement Committee.
OQ Trading has been selected on the recommendation of the technical evaluation committee, Litro Gas official sources said.
Siam Gas Trading Pte Ltd the only bidder vied for the tender became unsuccessful for the second time this year on the grounds that it has failed to submit the Expression of Interest (EOI’s) from the vessel owners’ indicating their willingness to release the vessel for this assignment under given time period.
Litro Gas Lanka Ltd has called this fresh LP Gas tender for the year 2023 tentatively commencing from November 2022 from eligible and qualified bidders to meet the demand of domestic consumers.
The new one year term tender of 280,000 MT of LP gas has been floated following the cancellation of the previous tender of the same quantity of LP Gas awarded to Siam Gas at US$96 per metric ton and opting to buy 100,000 MT of gas at a cost of $129 per metric ton from this Oman company OQ Trading.
Siam Gas has made an appeal to the Procurement Appeal Board at the Presidential Secretariat in Colombo urging it to open their bid for consideration as they were rejected unreasonably without opening their bids.
In their appeal they have brought to the notice of the committee that in the Oil and Gas Transportation, the intended Suppliers procure the required Vessels through accepted and reputable Ship Brokers and does not deal directly with the Ship Owners, until such time Time-Charter Agreements are signed, for such nominated vessels, upon being the successful supplier.
‘This practice is in place for our movement of over 2 Million Metric Tons of LP Gas annually, supplied by Siam Gas to customers worldwide’ the company added.
Siam Gas Trading Pte Ltd submitted the Expression of Interest, as requested by Litro Gas Lanka Ltd, through its Ship Broker which has not been considered by the Technical Evaluation Committee.
Although 13 (Thirteen) potential Bidders expressed their interest to bid for the above supply by purchasing the Tender documents on the payment of non-refundable tender fee of Rs. 100000, only Siam Gas and OQ Trading submitted responsive bids at the closing time of Offers.
The company also claimed that the requirement of Vessel Owners’ Willingness Clause, which was not in any of the previous Tender documents of Litro Gas Lanka Ltd, was specifically included into this Tender document, to give an undue and distinct advantage to OQ Trading only, over the other bidders, as OQ Trading who are the present Suppliers to Litro Gas Lanka have their Time-Charter Agreements in place with their present vessel owners, which they can submit with the Tender.
The company also informed the committee that they also have been made aware by Litro Gas Lanka that a further order has been assured to OQ Trading for the supply of 50,000 Metric Tons of LP Gas up to December 2022, when their Vessels Time-Charter Agreement would be extended further.
Oman Company, OQ Trading gets Litro LPG long term tender again
President Ranil to present Budget 2023 with social welfare benefits
President and Finance Minister Ranil Wickremesinghe will present his maiden Budget 2023 in parliament today at 1.30 pm after 45 years in politics of Sri Lanka following his uncle former President JR Jyawardena who was the country’s first Finance Minister, 75 years ago.
In a challenging economic environment with fiscal crisis President Wickremasighe is set to make his budget speech in Parliament as the first finance minister who had to lay the foundation for a 25 year national economic policy for a bankrupt country.
He has to rescue the island nation which is on the verge of a hyper inflation and poor economic management with dwindling foreign reserve burdened with debt default and lack of dollar inflows.
The 2023 budget is aimed at long-term, stable economic growth, the President’s Media Division said adding that it . has given special attention to the sectors of the capital market, export market, labour market, and digital economy and it is expected to achieve the budget targets through the social market economy.
This year’s budget will focus more on providing social welfare benefits to the people who need them most and creating a policy environment to build the private sector as the driving force of the country’s economy.
It is likely to include measures to increase taxes on fuel, tobacco and alcohol to boost revenue while reviving an old cost of living allowance for public and private sector workers to cushion rising living costs.
Increasing tobacco and alcohol taxation will raise government revenue without affecting economic growth. Budget 2023 is likely to introduce a model of indexation which automatically links tobacco tax rises with the size of the economy and inflation.
Budget 2023 will implement new tax reforms with the possibility of introducing the wealth tax which was in the pipeline for several years as well as new super gain tax, new capital gain tax, modified surcharge tax, land tax, personal property tax, corporate tax, and capital gains tax.
There are around 4 million families, which make up nearly 58 per cent of the country’s households and they are seeking financial assistance from the government under various social welfare schemes to survive from the ongoing economic crisis, Finance Ministry sources revealed.
The budget is to focus on introducing social security net for those families while providing relief for the low income earners and the middle class estimated to be between 15 to 20 percent of the country’s urban population facing economic hardships at present.
Accordingly, the theme of the budget is specified as “making a transformative change via minimum inputs’. It is aimed at strengthening the social security net for the poor and vulnerable communities as well as the middle income earners hit by high cost of living, official sources said.
With the budget being designed under an IMF-framework (aimed at securing the bail-out package), focus would be also on restructuring a number of State-Owned Enterprises (SOEs) and a privatization drive that hopes to raise foreign reserves by US$ 2-3 billion.
‘Uttara Lanka Sabhaga’ conference in Kandy led by Weerawansa meets backlash amidst public booing (VIDEO)
A conference organised by the newly formed ‘Uttara Lanka Sabhaga’ movement led by former Minister Wimal Weerawansa in Kandy yesterday (13) met with a severe backlash as a group of people began to pose their objection outside the ‘Pushpadana’ Hall in Kandy, where the event was held, after the conference ended.
The conference was held under the patronage of MPs Wimal Weerawansa, Vasudewa Nanayakkara and Gevindu Kumaratunga.
Those who posed objection to the event outside the hall claimed that these people should be held accountable as former ministers who resorted to the severe economic crisis the country suffers from today.
As the event organisers were leaving the premises, the protesters booed at them.
MIAP
BOI Katunayake EPZ clinches fDi Intelligence’s Free Zones Award
The Katunayake Export Processing Zone (EPZ), the largest zone in Sri Lanka operating under the purview of the Board of Investment (BOI) has been specially recognized for its reinvestment strategy in the fDi Intelligence’s Free Zones Awards 2022, reinforcing its position as one of the region’s leading industrial and free zones.
The UK-based fDi Intelligence is a foreign direct investment service by the Financial Times group. The 513-acre EPZ houses all types of enterprises servicing global brands since its inception in 1978.
FDi Intelligence’s Free Zones Awards 2022 recognizes and assesses the most promising free zones across the world and zones that offer the best investment environments and prospects for business expansion and economic development.
The 9th edition was judged by both the Financial Times specialist editorial team and a panel of independent judges for each region.
In his remarks, Alex Irwin-Hunt, one of the judges and global markets editor at fDi Intelligence said: “This zone has focused on attracting reinvestments from existing companies. Four out of the 33 large tenants in the zone have initiated expansion with a pledged investment of $ 26.5 million and almost 1000 employment opportunities.”
It is noteworthy that the Katunayake EPZ clinched this award in a backdrop where, the BOI is in the process of renewing and expediting its strategies in relation to reinvestment and thereby, encouraging and inviting existing investors to expand its business and operation in Sri Lanka.
Elucidating the reinvestment strategy, the BOI Executive Director (Investor Services) Mahinda Ramanayaka said: “The BOI has adopted four strategies to promote reinvestment. Under the first strategy, the issues faced by the existing investors are recognised in order to find solutions.
“The second strategy focuses on identifying new investors through the goodwill and business network of existing investors. Under the third strategy, non-performing companies under the BOI are encouraged to review their business. Lastly, the fourth strategy encourages non-BOI companies to register under BOI.”
“The key objectives of the re-investment strategy are to increase the FDI inflow, to assist the incorporation of new BOI ventures, to increase the capacity and productivity, and to assist the growth, diversification and expansion of existing BOI enterprises,” Ramanayaka said.
“The BOI also conducts open facilitation dialogues for existing investors in respective sectors so that they could raise their concerns to BOI officials and provide suggestions for streamlining processes.
The recently held discussion targeted the logistics sector where key players in the sector raised concerns and came out with proposals on how they can improve as they move forward amidst present challenges,” he added.
“Existing investors can be considered brand ambassadors for the promotion of investment in Sri Lanka with a vivid understanding of the business environment and with considerable knowledge of the most attractive reasons for setting up projects in Sri Lanka. stated BOI Chairman Raja Edirisuriya.
Meanwhile, commenting on the recognition earned by Katunayake EPZ, BOI Director General Renuka M. Weerakone said: “This award is very prestigious for us, and a great incentive as we are accelerating our reinvestment strategy in line with the global trends to promote investment.
President calls in special ministerial meeting
President Ranil Wickremesinghe has reportedly called in a special ministerial meeting this (14) morning.
The meeting is held at the Presidential Secretariat and expects all ministers to attend it.
During the meeting, the Budget for 2023 to be tabled in Parliament this afternoon will be approved by the Cabinet and the ministers thereafter are set to attend today’s Parliament sitting, according to reports.
MIAP
Heavy showers about 100 mm expected in some places in island
Showers or thundershowers will occur at most places in the island after 2.00 p.m and heavy showers about 100 mm can be expected at some places in Southern, Sabaragamuwa and Uva provinces, said the Department of Meteorology in a statement today (14).
Showers will occur particularly in the coastal areas of Northern, Eastern and Southern provinces during the morning too.
Misty condition can be expected in Western, Sabaragamuwa, Uva and Central provinces and in Galle and Matara districts during the morning.
General public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
| Condition of Rain: |
| Showers or thundershowers will occur at several places in sea areas around the island. |
| Winds: |
| Winds will be North-easterly or variable in direction. Wind speed will be (20-30) kmph. |
| State of Sea: |
| The sea areas around the island will be slight to moderate. Temporarily strong gusty winds and very rough seas can be expected during thundershowers. |
MIAP
The critical Budget for 2023 to be tabled in Parliament today!
The Budget Appropriation Bill for 2023 will be tabled in Parliament today (14) by President Ranil Wickremesinghe in his capacity as the Minister of Finance.
Accordingly, the President’s Budget speech will commence at 01.30 pm this afternoon.
The orientation towards which the country’s economic crisis can overcome in a stable and long-term economic development is expected to be adapted via the Budget, and it will be very critical for Sri Lanka given that the fiscal allocations for the upcoming year must focus on the low-income families, who are the most aggrieved amidst the recession.
The debate on the second reading of the Budget will commence tomorrow (15) and a vote will follow on November 22.
The debate at the Working Committee phase will be held from November 23 to December 08, and a final vote will be held on December 08.
MIAP
Sri Lanka Original Narrative Summary: 14/11
- SLPP Chairman and now “Independent” group leader Professor G L Pieris says the Sri Lankan Government has antagonised India, China, Japan, and US: explains the basic problem is lack of credibility.
- President and Finance Minister Ranil Wickremasinghe to present Budget 2023 today: likely to be aimed at long term, stable economic growth.
- President Ranil Wickremesinghe says it’s important to have increased defence allocations as the country is looking at an economy that will be highly competitive and export-oriented.
- CPC Chairman Uvais Mohamed says the crude oil tanker anchored offshore for nearly 50 days finally began discharging its 99,000 MT cargo valued at around USD 80 mn, under a “bonded warehouse” type payment arrangement: Trade Unions allege delay resulted in about USD 7.5 mn being incurred as demurrage.
- President’s Office rejects request from Foreign Ministry to grant extensions to 4 Envoys to complete their 3-year terms.
- IMF Senior Mission Chief Peter Breuer says Sri Lanka’s loan will depend on assurances from official bilateral creditors to restore debt sustainability and authorities’ ability to reach consensus with private creditors in relation to debt restructure: reports emerge that it’s unlikely the loan of USD 2.9 bn over 4 years, will materialize before March 2023.
- Attorney General files indictments in Colombo High Court against 8 persons for environmental damage caused to Sri Lanka’s coastline due to the X-Press Pearl disaster: accused include the vessel’s captain and local agent.
- Education Ministry circular cuts school-going students’ insurance coverage for the death of a parent or legal guardian to Rs.75,000 from Rs.200,000: only students from low-income families to be eligible.
- Consultant Community Physician Dr. Onali Rajapaksa says 4,000 Tuberculosis (TB) patients reported across the country in the first two quarters of 2022: Colombo District accounts for 20–25% of the cases diagnosed.
- International Cricket Council announces that the ICC Under-19 Men’s Cricket World Cup 2024 will be held in Sri Lanka.
Sri Lanka to formulate national policies to ensure food security
The National Council sub-committee on national policy which met on Nov. 10 has decided to appoint a sub-committee made up of representatives of all the relevant institutions to formulate policies related to ensuring food security in this country.
This was decided at the meeting of National Council sub-committee on identifying short and medium-term programs related to National Policy.
Officials from the Ministry of Agriculture and Ministry of Fisheries, as well as other institutions under the said ministries were invited to this meeting and basic proposals were discussed on how to change the policies and the existing obstacles to achieve the goals related to food security.
Instead of these institutions trying to achieve their goals separately, the committee chairman emphasized the need for all institutions to enter into a joint approach.
Accordingly, apart from the ministries of agriculture and fisheries, the sub-committee also advised to plan these policies jointly with the Ministry of Irrigation, Ministry of Lands, Provincial Councils and Local Government Institutions, Department of Wildlife Conservation and all other relevant institutions.
Department of Manpower and Employment, Export Development Board, Industrial Development Board, Investment Board and many other institutions were invited to this committee meeting held. It was decided to appoint a committee for the formulation of policies including the promotion of entrepreneurship in collaboration with all these institutions
Musk says Twitter ‘may face bankruptcy’ as more staff quit and top regulator issues warning
Musk appeared to brush off reports of another day of disarray at his new company, tweeting: “Usage of Twitter continues to rise. One thing is for sure: it isn’t boring!”
Elon Musk raised the possibility of Twitter going bankrupt as the company endured perhaps its most chaotic day since he took control two weeks ago.
The world’s richest man outlined his concerns about the firm’s precarious financial position during his first mass call with its remaining employees, having already carried out thousands of sackings.
Twitter endured further departures as reports of the call first emerged, with its head of trust and safety, Yoel Roth, updating his profile to indicate that he had left.
In an earlier staff email, Musk warned Twitter – which he bought for $44bn at the end of October, after spending months trying to get out of it – would not “survive the upcoming economic downturn” without boosting revenue.
Musk wants to do that via the revamped $8-per-month Twitter Blue service, designed to offset falling advertising income as companies fret about his stance on content moderation.
Fears over his approach to user privacy also prompted an intervention by America’s Federal Trade Commission on Thursday evening, warning “no chief executive or company is above the law”.
Musk himself appeared to brush off reports of another day of disarray at his new company, tweeting: “Usage of Twitter continues to rise. One thing is for sure: it isn’t boring!”
Twitter’s grim finances
During his meeting with staff on Thursday, Musk reportedly warned Twitter may lose billions of dollars next year.
Bankruptcy was therefore not out of the question, he said, as the company grapples with $13bn (£11bn) of debt after his takeover deal and interest payments totalling almost $1.2bn (£1bn) over the next 12 months.
Those payments exceed Twitter’s most recently disclosed cash flow, which was $1.1bn (£900m) at the end of June.
Musk said the firm was losing $4m (£3.4m) each day, largely because of advertisers putting spending on hold due to fears about his “free speech absolutist” position.
His attempted solution, Twitter Blue, has ended up somewhat proving the point. It entitles anyone who signs up to a blue checkmark previously reserved for verified accounts, but has been abused by pranksters posting offensive messages under the guise of Tony Blair, George W Bush, and even Nintendo mascot Super Mario.
The option to sign up has since disappeared from Twitter’s iOS app.
More staff departures
Musk laid off half of Twitter’s 8,000-strong workforce soon after his takeover, having moved even more quickly to dismiss its top executives.
This week has seen even more people leave, chief among them Mr Roth, who has overseen Twitter’s response to hate speech, misinformation, and spam.
Mr Roth had been one of the more vocal remaining members of Twitter’s top team since Musk’s takeover, assuring users and advertisers that the platform was still committed to combating those issues.
His profile changed on Thursday to indicate that he no longer worked at Twitter – he is believed to have resigned.
Earlier in the day, chief information security officer Lea Kissner tweeted that she had quit, while an internal message seen by Reuters news agency said chief privacy officer Marianne Fogarty had also gone.
It came after Musk told staff he was banning working from home, with all workers expected to be in the office for at least 40 hours a week.
Warning from regulator
The exodus of safety, security, and privacy officers saw the US Federal Trade Commission (FTC) express its “deep concern” about developments at Twitter.
In May, Twitter agreed to pay $150m (£128m) to settle allegations by the FTC it misused private user information to target advertising after telling them the data was collected purely for security reasons.
Douglas Farrar, the FTC’s director of public affairs, told Reuters: “No CEO or company is above the law, and companies must follow our consent decrees.
“Our revised consent order gives us new tools to ensure compliance, and we are prepared to use them.”