CEB denies outstanding debt with CPC

CEB denies outstanding debt with CPC

March 10, 2011   06:41 pm


Following the statement that it has earned profits of Rs. 5 billion in the year 2010, the Ceylon Electricity Board (CEB) clarified that it has done so while not exerting any burden on another organization.


The Ceylon Petroleum Corporation (CPC) stated earlier today that around 80% of its losses were due to providing the CEB with fuel at a subsidized rate. However, the CEB clarified with Ada Derana that the Treasury had taken over the amount of Rs. 52 billion owed to the CPC by the CEB as of December 31, 2009.


The CEB statement further read that it has no outstanding debt to any other organization currently and has made clean profits of Rs. 5 billion in 2010.


Furthermore, the CEB revealed that it was paying a sum of Rs. 26 for a litre of heavy fuel up until August 31, 2010 after which an agreement was made for the CEB to purchase their heavy fuel at Rs.40 per litre.

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