News
Lanka to buy oil from S’pore spot market
Spot purchases in the Singapore market are among options the Government is looking at to ensure continued fuel supplies, Petroleum Industries Minister Susil Premajayantha said yesterday.
He said that with the disruption of supplies from Iran due to problems in opening Letters of Credit through banks, the CPC was also seeking Cabinet approval to make mechanical adjustments at the Sapugaskanda refinery to handle crude oil from other suppliers.
“In addition to stepping up purchases from Saudi Arabia and Oman, we are hoping to get supplies from Singapore, though the cost will be higher,” he said.
“In the long term it would be cheaper to make the required mechanical changes and refine the fuel, instead of continuing to buy the refined oil,” he said.
Ceylon Petroleum Corporation Managing Director Susantha Silva said an engineer had been appointed to recommend changes at the Sapugaskanda refinery.
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