Mar 18, Colombo: Sri Lanka's government-owned petroleum enterprise Ceylon Petroleum Corporation (CPC) has earned a record income during the past year, according to the Minister of Petroleum Resources Development Chandima Weerakkody.
Sri Lanka's new administration has reduced losses at state-owned enterprises and the once loss-making institute was able to earn Rs. 80 billion profit during the past year, the Minister said.
Speaking at a function held today to add several new vehicles to the fuel supply storage unit of the Bandaranayake International Airport, Minister Weerakkody recalled that there was a time the national carrier SriLankan Airlines refueled in India and now the CPC has been able to provide fuel at competitive prices
He said the government is preparing to export jet fuel in the future and the Ministry is planning to initiate a program to produce jet fuel in the local refinery. He added that the move would be extremely profitable to the country and bring profits to the refinery.
He said so far Sri Lankan refineries produced only kerosene but it will be expanded under the new administration.