The Cabinet of Ministers has actually approved call for expressions of interest for the identification and selection of suitable financiers for the advancement and expansion of the Sapugaskanda oil refinery complex.Speaking throughout todays (11) Cabinet press conference, Cabinet Spokesman Minister Dr.
Nalinda Jayatissa stated that although the Ceylon Petroleum Corporation has made numerous efforts to improve and upgrade the Sapugaskanda oil refinery both quantitatively and qualitatively to satisfy the demand of the marketplace, all those efforts have actually not been successful.Even though Cabinet approval has been given to establish the Sapugaskanda oil refinery as a public enterprise separate from the Ceylon Petroleum Corporation and to determine an appropriate strategic investment partner and to take required steps after investigation of the possibility for the facility of a new oil refinery in the Trincomalee area for that function, no action has been taken in that respect up until now, the Minister noted.Furthermore, he included that under the policy structure appropriate to the energy of the present government, the modernization of the existing refinery or building of a brand-new refinery has been determined as a top priority function which approval has actually been given by the board of directors of the Ceylon Petroleum Corporation to call for expressions of interest to recognize an appropriate investment partner based on the feasibility study carried out in the year 2022.
Accordingly, the Cabinet of Ministers has actually approved the proposition presented by the Minister of Power and Energy to establish the Sapugaskanda oil refinery and call for expressions of interest for the identification and choice of appropriate monetary suppliers/investors for the application of the project for the establishment of a new refinery within the same premises with a capability of 100,000 barrels each day on the basis of an operation and transfer (BOT).