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's petroleum corporation takes Rs. 600 billion in loans from state banks
Wed, Mar 19, 2014, 07:07 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 19, Colombo: The Petroleum Industries Ministry in Sri Lanka said the state-owned fuel distributor, Ceylon Petroleum Corporation (CPC) has obtained Rs. 631 billion worth of loans during the period of June 2011 and December 2012.

Petroleum Industries Minister Anura Priyadarshana Yapa has told parliament that the loans were taken to ensure an uninterrupted fuel supply to the country.

The Minister made this comment in response to a question raised by the Janatha Vimukthi Peramuna (JVP) parliamentarian, Anura Kumara Dissanayake.

Yapa said the loans were obtained from the two state banks, Bank of Ceylon and the Peoples Bank, in addition to National Iranian Oil Company, which extended a credit facility in 2011.

The Minister said that Rs. 35 billion was paid as interest to these loans.

Dissanayake however charged that the CPC was unable to record profits like its competitor, the Lanka Indian Oil Company (LIOC), due to the politicization of the institution.

"The CPC is nothing more than a public burden and is fully dependent on the two state banks," he said.

The CPC has been running at a loss for years and the petroleum authority says it incurs heavy losses due to selling fuel at a loss to the transportation sector and supplying fuel for credit to the electricity supplier Ceylon Electricity Board (CEB) for power generation at a well below cost.

ColomboPage - Recent 10 Stories
India, Sri Lanka partnership must progress: Suhsma Swaraj
-- [2 hours ago]
Japan's State Minister Minoru Kiuchi visits Sri Lanka
-- [4 hours ago]
Sri Lanka's Dilmah opens tea bar at Radisson in Philippines
-- [4 hours ago]
Indian External Affairs Minister calls on Sri Lankan President
-- [5 hours ago]
Sri Lankan President to leave for London on a three-day official visit tomorrow
-- [6 hours ago]
Strong opportunities for UK retailers in Sri Lanka
-- [6 hours ago]
Chris Nonis appointed as an adviser to Sri Lankan President
-- [6 hours ago]
Sri Lanka Navy transfers former President's son to the Navy headquarters
-- [7 hours ago]
Sri Lankan parliament passes National Medicinal Drug Policy
-- [7 hours ago]
Indian Prime Minister to open reconstructed Thalaimannar rail line during Sri Lankan visit
-- [7 hours ago]

Copyright © 2000, 2014 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.