CPC saved USD 300 million in foreign trade

Ceylon Petroleum Corporation (CPC) has saved USD300 million in international exchange for the calendar year 2020, CPC chairman Sumith Wijesinghe informed the COPE.

The Chairman of the Ceylon Petroleum Company (CPC) said so at the COPE assembly chaired by Prof. Charitha Herath fulfilled in Parliament to explore the Particular Audit Report on the storage and distribution of petroleum.

He further more explained that the authorities was capable to take benefit of this due to the slide in the price of a barrel of crude oil very last 12 months and various other factors.

The Chairman of the Ceylon Petroleum Corporation stated this in reaction to a query lifted by Parliamentarian S.M. Marikkar on the gain produced by the Ceylon Petroleum Corporation for the duration of the very last calendar year due to the slide in crude oil prices.

Ministers Mahindananda Aluthgamage, Mahinda Amaraweera, Point out Minister Indika Anuruddha, Members of Parliament Patali Champika Ranawaka, Anura Kumara Dissanayake, Nalin Bandara, Eran Wickramaratne, Premnath C. Dolawatta, S.M. Marikkar, S. Rasamanikkam and Isuru Dodangoda had been current at this conference. MP Isuru Dodangoda also participated as an observer.

Also, conversations had been held about the pipeline carrying oil from the port premises to Kolonnawa storage and techniques have presently been taken to mend it, officials said.

CPC officers even further mentioned that steps have been taken to provide a new dwelling for each and every existing residence in the pipeline. In particular, MP S.M. Marikkar pointed out the will need to give a house for just about every of these family members.

The COPE also drew focus to the probability of working with the existing oil tanks in the Trincomalee and Hambantota spots for the desires of the Ceylon Petroleum Company.

Officials of the Ceylon Petroleum Company explained that actions have been taken to produce Muthurajawela and Kolonnawa terminals in buy to make improvements to the storage capacity of gasoline.

The COPE Chairman recommended CPC officials to post a feasibility report to the COPE on the capabilities of these developments.

The committee also drew awareness to the graduation of oil transportation by practice and it was uncovered that the 30% of gas is presently becoming transported by educate and it will be amplified to 42% soon. The COPE recommended this shift.