Ceylon Petroleum Corporation (CPC) saved $300 million in foreign exchange in 2020 due to the drop in world crude oil prices, CPC chairman Sumith Wijesinghe told the Sri Lankan Parliament Committee on Public Enterprises (COPE).
He said that the government was able to take advantage of the fall in the price of a crude oil last year due to the outbreak of the coronavirus and several other reasons.
The committee, chaired by SLPP MP Charitha Herath, met to discuss the Special Audit Report on the storage and distribution of petroleum.
Discussions were also held regarding the pipeline carrying oil from the port premises to Kolonnawa storage and steps that are being taken to repair it, officials said. CPC officials further stated that measures have been taken to provide a new house for each existing house that are damaged due to the pipeline.
The COPE also drew attention to the possibility of using the existing oil tanks in the Trincomalee and Hambantota areas for the needs of the CPC.
CPC officials said steps have been taken to develop Muthurajawela and Kolonnawa terminals to improve the storage capacity of fuel. The COPE Chairman recommended CPC officials submit a feasibility report to the COPE on the capabilities of these developments.
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