Power and Energy Ministry receives 27 proposals from companies including Sinopec and British Shell By Damith Wickremasekara  Sri Lanka is to hand over between 500 and 700 fuel stations for retail operations by foreign oil companies as the fuel import bill soared with estimates showing the country would need more than USD 2 billion to [...]

News

Upto 700 fuel stations to be handed over to foreign oil companies

View(s):

Power and Energy Ministry receives 27 proposals from companies including Sinopec and British Shell

By Damith Wickremasekara 

Sri Lanka is to hand over between 500 and 700 fuel stations for retail operations by foreign oil companies as the fuel import bill soared with estimates showing the country would need more than USD 2 billion to buy fuel for the next four months.

The Sunday Times learns that the Power and Energy Ministry is considering 27 proposals from various companies, including the Sinopec Group from China and the British Shell company.

“The ministry plans to short list the proposals before taking a final decision. About four companies will be enlisted to operate the sheds,” a senior official said.

Under the model drawn up, the company would have to import and provide fuel while transport facilities will be provided by the Ceylon Petroleum Corporation. In turn, the government will receive a service charge.

The fuel stations will be allocated from some 1,200 station now under the CPC control.

The moves come as the Power and Energy Ministry has appealed to the Treasury and the Central Bank for the release of USD 200 million to import next month’s diesel, petrol and crude oil requirments.

For the next month, the CPC has already obtained confirmation of three diesel shipments of 37,300 MT each and two shipments of Octane 92 petrol of 35,300 MT each.

According to CPC estimates, more than USD 2 billion will be needed for the import of fuel for the next four months. For September alone for confirmed shipments, USD 246 million is required while USD 333 million is needed for expected shipments.

The financial requirements from October to December are USD 537 million, USD 468 million and USD 471 million.

Share This Post

WhatsappDeliciousDiggGoogleStumbleuponRedditTechnoratiYahooBloggerMyspaceRSS

The best way to say that you found the home of your dreams is by finding it on Hitad.lk. We have listings for apartments for sale or rent in Sri Lanka, no matter what locale you're looking for! Whether you live in Colombo, Galle, Kandy, Matara, Jaffna and more - we've got them all!

Advertising Rates

Please contact the advertising office on 011 - 2479521 for the advertising rates.