Sri Lanka petroleum authority profits this year

Colombo: Sri Lanka’s state-owned petroleum supplier, Ceylon Petroleum Corporation (CPC), has finally started to make profits.

The CPC, which incurred losses for years, has made a profit of Rs. 3 billion by September this year, Petroleum Resources Minister Anura Priyadarshana Yapa said at parliament today. Addressing the committee stage debate of the 2015 budget, the Minister said the Corporation has recorded the profit of 159 million rupees from the sale of lubricating oil.

The Minister said that 18 investments including the setting up of a fully-fledged laboratory, storage facilities and a new refinery have been identified and the activities of the CPC are carried out according to a systematic tender procedure.

The CPC has been running at a loss for years, partly due to supplying oil at subsidized prices to Ceylon Electricity Board and other government institutions which have not paid their dues to the CPC on time.

Power and Energy Minister Pavithra Wanniarachchi said the Ceylon Electricity Board has also become a profit making institution.

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