Financial Times

Dubai trader enters the fuel imports fray

The state-owned Emirates National Oil Company (ENOC) is seeking a long term oil supply contract with the Ceylon Petroleum Corporation (CPC) which it says would help bring fuel prices down.

“Long term contracts of six months and over help to secure much better prices through hedging risk facilities than now when the CPC buys on the spot market,” said Roshan de Silva, Managing Director of Olympic Marine Services (OMS), recently appointed ENOC agents for Sri Lanka.OMS is a subsidiary of the Olympic Group based in Dubai.

De Silva who is the General Manager of that company is considered one of Sri Lanka’s best known oil traders overseas. He said ENOC will begin to get involved in CPC tenders but preferred a term contract to sell its range of refined products including petrol, gas and jet fuel. ENOC owned by the Dubai government has – through the OSC -- term contracts with the Maldives (200,000 metric tones of various fuel types per year) and the Seychelles (600,000 tonnes a year).

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