INSUBCONTINENT EXCLUSIVE:
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
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).
