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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Chevron’s US$ 15 Million Plant Ready By October

Chevron’s US$ 15 Million Plant Ready By October

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Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
The 15-million-dollar new blending plant being constructed at Sapugaskanda by Chevron Lubricants Lanka will be ready for commissioning by October 2014. According to Dr Kishu Gomes, Managing Director/CEO of the company, the new state-of-the-art plant will sport new technology and will also co-locate the warehouse on the same premises, a move that is expected to deliver cost savings for the Company.

Elimination of the need to transport stocks from factory to warehouse, may reduce the carbon footprint further, says Dr Gomes in the company’s annual report.
“We have harnessed a blend of both Chevron global expertise in project management and local expertise in engineering both civil and mechanical, to complete the project in time and within planned expenditure and most importantly to avoid a single litre of unfulfilled orders during the transition. All the Base Oil storage and finished goods storage tanks have been completed. Prefabricated blending plant and warehouse structures have been erected,” he states.

Chevron Lubricants Lanka PLC has recorded a dynamic performance in a high pressure environment during the period under review. The Company has recorded a 12% increase in profits posting Rs. 2.53 billion, up from Rs 2.26 billion achieved in 2012. The ability to keep increasing the bottom-line progressively despite the challenging conditions, speaks for the maturity of its business strategies and its unwavering commitment to its sustainability agenda. The report states that 2013 marked 12 years of Sri Lanka operations without ‘loss time incidents’ – an enviable injury-free record – where no employee injured in the workplace had to forego a single day of work.
The report also states that less volatility in the exchange rate, somewhat stable base oil prices compared to 2012, prudent cost management and increased interest income from cash reserves had helped cushion the reduced volumes which stemmed from adverse weather conditions in the first quarter of the year, reduced demand from the thermal power sector and longer oil drain intervals.

The adverse weather conditions affected sales volumes from the agricultural and fisheries sectors. Volumes from export markets in Bangladesh and Maldives also had came under pressure due to adverse macro-economic and political factors in those markets. Total export revenue accounted for 6% of the total revenues.
Chevron Lanka had also continued to benefit from global synergies in various facets of its operations ranging from procurement of raw materials, product technology innovations, human resource best practices, brand & marketing and system & process support, all of which helped the Company to maintain its competitive position in the market.

The report notes that the year under review had tested the mettle of the Company and its ability to perform amidst complexity. The government’s decision to increase duties on the import of vehicles further had hampered growth in the automotive market. “We believe that the industry as a whole did not record any growth during 2013, which was already coming in from a low base of a 4% decline experienced in 2012,” Dr Gomes observed in the report.

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