CPC saved USD 300M in foreign exchange last year – Chairman

Ceylon Petroleum Corporation (CPC) has saved USD 300 million in foreign exchange for the year 2020, says CPC Chairman Sumith Wijesinghe.

He made this remark in response to a question raised by MP S.M. Marikkar during the meeting of Parliament Committee on Public Enterprises (COPE), chaired by Prof. Charitha Herath.

The COPE met in Parliament on Tuesday (January 19) to discuss the Special Audit Report on the storage and distribution of petroleum.

CPC chairman noted that this was possible due to the drop in the price of a barrel of crude oil last year and several other reasons.

MP Marikkar had inquired the CPC chairman into the profit made by the Ceylon Petroleum Corporation during the last year owing to the fall in crude oil prices.

The focus of the meeting also fell on the pipeline carrying oil from the port premises to Kolonnawa oil storage. CPC officials stated that steps are already afoot to repair the pipeline and that measures have been taken to provide a new house for each house that sustained damages.

The COPE also looked into the possibility of using existing oil tanks in the areas of Trincomalee and Hambantota to facilitate the needs of CPC.

Corporation’s officials further stated that measures have been taken to develop Muthurajawela and Kolonnawa terminals for improving the fuel storage capacity. COPE Chairman has directed the CPC officials to submit a feasibility report to the committee on the capabilities of the developments.

Ministers Mahindananda Aluthgamage, Mahinda Amaraweera, State Minister Indika Anuruddha, MPs Patali Champika Ranawaka, Anura Kumara Dissanayake, Nalin Bandara, Eran Wickramaratne, Premnath C. Dolawatta, S.M. Marikkar, S. Rasamanikkam and Isuru Dodangoda were present at this meeting while MP Isuru Dodangoda took part as an observer.