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L.I.O.C+not+given+the+Sapugaskanda+refinery%2C+says+Ministry+of+Petroleum+Industries
Saturday, 28 April 2012 - 13:30
L.I.O.C not given the Sapugaskanda refinery, says Ministry of Petroleum Industries
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The Ministry of Petroleum Industries states that no approval has been given to any local or international company to establish a new refinery nor discussions with this regard have commenced.

The Ministry of Petroleum Industries pointed out that the statements which are being made that an oil refinery is being constructed in accordance with a proposal of the Lanka Indian Oil Company are false.

The Ministry of Petroleum Industries further pointed out that a policy measure has not yet been taken with regard to any project apart from the Iranian projects which were discussed in 2007.

Issuing a communiqué, the Ministry of Petroleum Industries pointed out that the Sapugaskanda Oil Refinery still belongs to the Ceylon Petroleum Corporation.

This communiqué further pointed out that the present government has not taken any measure to completely hand over the importation and distribution of fuel to the Lanka Indian Oil Company or any other party.

The Lanka Indian Oil Company had announced that it is prepared to invest with regard to modernising the Sapugaskanda Oil Refinery of which the long term process is under threat due to the sanctions imposed on Iran.

The Managing Director of the Lanka Indian Oil Company Suresh Kumar had stated that it could assist through an investment of US $ 2,000,000 to modernise it.

A group of specialists from the Lanka Indian Oil Company had also engaged in an inspection tour in the Sapugaskanda Oil Refinery to look into how it could be modernised.

The products of the Sapugaskanda Oil Refinery contribute to1/3 of the oil supply to the Ceylon Petroleum Corporation.

5,000,000 tons of petroleum products are consumed annually in Sri Lanka while the capacity of the Sapugaskanda Oil Refinery is 2,000,000 tons.

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