Oil & Gas

27 Dec 2021

CPC to Import 90,000MT Crude Oil from Singapore

27 Dec 2021  by   

The Ceylon Petroleum Corporation says it will import 90,000 metric tons of fuel on credit from a supplier in Singapore next month.

Ceylon Petroleum Corporation chairman Sumith Wijesinghe said 90,000 metric tons of crude oil are due to arrive on January 23rd or 24th.

The consignment will be imported from a Singaporean supplier, and the CPC Chairman noted that a total 540,000 metric tons of crude oil will be imported during the next six months.

These purchases would be made on credit through Letters of Credit opened by a State Bank, he said.

The CPC also stated that the date of making the payment would be decided based on the conditions listed in the Letters of Credit.

Meanwhile, the Ceylon Petroleum Corporation has requested the Ceylon Electricity Board to open its own letters of credit to import fuel.

CPC Chairman Sumith Wijesinghe said the CEB owes the petroleum corporation about Rs. 90 billion for previous fuel purchases, and accordingly, the CPC has informed the CEB that it cannot open Letters of Credit on behalf of them.

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