CPC owes nearly $162m over oil hedge
July 11, 2011 10:23 pm
Sri Lanka’s Ceylon Petroleum Corporation (Ceypetco) owes nearly $162 million plus interest to Standard Chartered Bank for non-payment of dues linked to hedging when the oil price hit a record level and then crashed, a London court found on Monday.
No-one from Ceypetco was immediately available for comment, although a spokesman for Standard Chartered Bank said: “We are happy to gain a favourable judgment.” (Reuters)
