Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka to uplift loss-making petroleum corporation
Fri, Feb 15, 2013, 01:24 am SL Time, ColomboPage News Desk, Sri Lanka.

Feb 14, Colombo: The Sri Lankan government plans to implement a streamlined programme to revive the loss-making state institution, Ceylon Petroleum Corporation (CPC), the new Petroleum Industries Minister, Anura Priyadarshana Yapa has said.

Addressing a function held at the CPC today to welcome him, the Minister has said that the services of the CPC will be enhanced as one of the prime institutions in the country and urged the employees of the Corporation to provide their dedicated contribution to achieve success.

The program to be implemented will introduce changes to commercial activities and will build confidence on the standards of the Corporation's products.

Ten tanks belonging to the Sapugaskanda refinery will be renovated to increase the capacity of the refinery and new pipelines will be laid to replace the aging pipelines. Renovation of the refinery is also under consideration, the Minister has revealed.

The CPC has been running at a loss for years and an International Monetary Fund (IMF) mission recently visited the country suggested the CPC and Sri Lanka's power supplier, Ceylon Electricity Board (CEB) to revise rate structure to prevent further losses.

The state-owned petroleum supplier incurred losses of approximately Rs. 95 billion last year, according to its Managing Director Susantha De Silva, mainly due to supplying fuel for other state institutions at subsidized prices.

Governor of Central Bank Ajith Nivard Cabraal also suggested price revisions for CPC and CEB in his Economic Roadmap in 2013 as the state debt has risen due to the heavy losses suffered by the two major state institutions.



ColomboPage - Recent 10 Stories
New Zealand Bar Association concerned over Sri Lanka top lawyer's security
-- [2 minutes ago]
Sri Lanka suspends on-arrival visa facility for four Ebola-affected countries
-- [41 minutes ago]
Junior heath sector workers of Sri Lanka state hospitals call off the strike
-- [1 hour and 7 minutes ago]
Vietnamese parliamentary delegation visits Sri Lanka parliament
Sri Lanka condoles with Japanese people on landslide tragedy
Sri Lanka's Colombo Stock Exchange Main Index (ASPI) crosses 7000 mark after 3 years
Sri Lankan bowler Sachithra Senanayake returns from Perth after undergoing remedial work
Sri Lanka Tamil party delegation visits India to seek solutions to national issue
Sri Lanka main opposition party to reinstate two expelled members in electoral organizer positions
Two more Deputy Ministers take oaths before President in Si Lanka

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.