LIOC embarks on major green initiative drive
„Looks to have 15 electric vehicle charging stations across island by end-2020 „Says committed to introduce eco-friendly fuels to market „30 outlets being transformed to operate exclusively on solar power
Lanka Indian Oil Company (LIOC) yesterday said it is on an active drive towards increasing the number of electric vehicle charging (EVC) stations at its outlets, as it is looking to broaden the ways and means in reducing the carbon footprint.
Sharing that the company is looking to ‘go green’ in its operational processes and where possible in its product and service offering, LIOC Managing Director Manoj Gupta said avenues have been identified to achieve the sustainable development of the energy sector through meeting the social and environmental demands of society.
“In line with the objectives and policies of President Gotabaya Rajapaksa, we, at LIOC, are committed to go in for the introduction of eco-friendly fuels. Our dependability on fossil fuels has to be brought down to lower levels and electric vehicles defiantly go a long way in making their vital contribution towards eco-friendliness,” said Gupta.
The MD made his comments at the inauguration of IOC’S fourth EVC station, which is also the second fast charging station set up by the private oil company.
Gupta shared that with the increasing popularity of electric vehicles in the country, IOC plans to have about 15 EVC stations established by the end of this year and about seven is slated to be set up within the next four months. The newest EVC station is set up at the Felix Pereira & Son filling station, located in Colombo 7.
While the existing four EVC stations consist of two slow charging machines, which take approximately four hours for a full charge, the MD said the upcoming stations hereon would be of only fast charging machines.
Although the initial investment for a fast charging EVC machine is Rs.2 million, three times higher compared to the Rs.0.5 million required for the slow charging machine, the upgraded system allows a full charge within 30 minutes and a mileage of approximately 160 KM.
According to LIOC, the investment for the installation of the EVC stations is borne by the company itself so that the dealers are not financially burdened.
In addition, increasing access to EVC stations, Gupta also shared that IOC is in the midst of converting 30 of its outlets to operate fully on solar energy. IOC outlets are also receiving a facelift this year with the selected 30 outlets undergoing an upgrade in its Retail Visual Identity (RVI) and being automated.
LIOC, a subsidiary of Indian Oil Company, saw its financial performance improve in the last quarter (3Q20) with the entity returning to profits during the three months ended December 31, 2019, from a year earlier. However, the top line contracted, reflecting the slowdown in the economy, which took a toll on overall economic activities.
The company was seen significantly increasing its short-term investments during the nine months while the inventories declined and loans substantially rose. The company had parked Rs.15.1 billion in short-term investments by end-december 2019, up from Rs.672.9 million in March 2019.