November 3, 2014 [SLBC] - Chairman of the Sri Lanka Petroleum Corporation S. Amarasekara says that a programme has implemented to expand storage facilities of the corporation.
Accordingly, these facilities will be upgraded to store 140,000 metric tons of fuel. 40,000 metric tons out of this quantity will be crude oil.
In addition measures are underway to connect each of the storages via pipelines. Steps have also been taken to prevent fuel leakages of any type and other wastages. The latest technologies will be utilized in this connection. It has been pointed out that for the last 20 years, no significant large scale investments have taken place in the local petroleum sector.
The SPC targets a net profit of 6 billion rupees by the end of this year. Participating in a media briefing in Colombo yesterday the chairman has further stated that a loss of 92 billion rupees experienced by the corporation, has presently being minimized to 7 billion rupees. Not a single type of inferior fuel is presently being imported. The corporation has enough fuel stocks for several months. Fuel is being imported according to a purchasing plan of two years. The chairman added that this is a more profitable condition for the corporation.
The Ceylon Petroleum Corporation is being maintained as a competitive business venture. A programme is also underway to change attitude of the employees. Chairman Amarasekara has also said that the government has also taken measures to provide maximum relief to the consumers in line with the price declines in the world fuel market.
