News

News

CPC trade unions want to stop oil to Lanka IOC
Ceylon Petroleum Corporation trade unions have appealed to the Power and Energy Minister to stop supplies to the Indian Oil Corporation unless it settles Rs. 165 million it owes the CPC.

The Ceylon Petroleum Common Service Union charged that contrary to the claims made by the previous government that the IOC would bring benefit to the country, the CPC now sustained the Lanka IOC.

The unions cited a letter the CPC’s Director General of Finance sent to the Lanka IOC, requesting the immediate settlement of all outstanding dues because the CPC was facing severe financial difficulties.

The letter mentioned Rs. 165 million in respect of petrol supplies and a further Rs. 1 million as loan instalment recovered in May and June from the China Bay employee payroll. The unions asked what economic gain could be achieved by privatising or restructuring the remaining one third of the CPC held by the Treasury. Earlier, the Finance Minister had reportedly stated the rest of the CPC should be privatised since it is running at a loss.

Top

Back to News