CPC suffering losses due to finanical mismanagement
March 29, 2011 08:21 pm
The Ceylon Petroleum Corporation (CPC) is not suffering losses due to the Kerawalapitiya Yugadanavi power plant but because of financial mismanagement, the Power and Energy Ministry claimed.
The agreement between the CPC and the West Coast company is still effective the Ministry revealed in a statement signed by Power and Energy Minister Champika Ranawaka’s Media Secretary Dhanushka Ramanayake.
According to the CPC, due to providing a new tank system and a pipeline network for the Yugadanavi plant, Ceylon Petroleum Storage Terminal Ltd has suffered a loss of Rs. 5000 million but further inquiries into the matter revealed that no written or verbal agreement existed between the CPC and the West Coast Company which manages the plant, the statement further reads.
