CPC saved USD 300 million in foreign exchange for 2020

By Yohan Perera and Ajith Siriwardana  

Ceylon Petroleum Corporation (CPC) has saved USD 300 million in foreign exchange for the year 2020, CPC chairman Sumith Wijesinghe told the COPE recently.  

The Chairman of CPC came up with this information at the Committee on Public Enterprises (COPE) meeting chaired by Prof. Charitha Herath which met in Parliament to discuss the Special Audit Report on the storage and distribution of petroleum.

  
He further said that the Government was able to take advantage of this due to the fall in the price of a barrel of crude oil last year and several other reasons. 

 
CPC Chairman said this in response to a question raised by Parliamentarian S.M. Marikkar on the profit made by the Ceylon Petroleum Corporation during the last year, due to the fall in crude oil prices.  

Discussions were also held regarding the pipeline carrying oil from the port premises to Kolonnawa storage and steps have already been taken to renovate it, officials said. CPC officials further stated that measures have been taken to provide a new house for each demolished house in the pipeline. In particular, MP. S.M. Marikkar pointed out the need to provide housing for each of these families.  

The COPE also drew attention to the possibility of using the existing oil tanks in the Trincomalee and Hambantota areas for the Ceylon Petroleum Corporation.  

Officials of the CPC said that steps have been taken to develop Muthurajawela and Kolonnawa terminals in order to improve the storage capacity of fuel. The COPE Chairman recommended CPC officials to submit a feasibility report to the COPE on the capabilities of these developments.   

The committee also drew attention to the commencement of oil transport by train and it was revealed that 30% of fuel is already being transported by train and it will be increased to 42% soon. The COPE commended this move.