Brazil 'Petrobras' awarded CEYPETCO fuel oil contract

Petrobras Singapore private limited, a state-controlled Brazilian company is awarded a three months term contract to supply Sri Lanka CEYPETCO with fuel oil to the value of US$ 70 m to be used in thermo electrical plants over the next few months.

The company officials also held fruitful discussions with regard to oil and perspectives for oil exploration, as well as matters like alternative sources of energy, energy conservation measures, and other topics with Minister of Petroleum and Petroleum Resources, A.H.M. Fowzie, Ambassador of the Federative Republic of Brazil Pedro Henrique Lopes Borio along with Secretary of the Embassy of Brazil Marcelo Cid, and - Petrobras Representative in Sri Lanka, M. Rizly Illyas were present at these discussions.

Ambassador stated there is a possibility of CEYPETCO being considered a line of credit with regard to Petrobras offering a long term Fuel Oil supply to CEYPETCO.

The cost of oil is an important component in the cost of living and the Sri Lankan economy has registered a robust growth rate in the last years, and this positive performance may be extended in the foreseeable future.

Having good reliable oil and related products supplies is fundamental to secure a sustainable growth rate. The prices of those products have a great impact in the cost of living and the well-being of the population, reason why the contract recently awarded to Petrobras also is an important contribution.

Petrobras was selected as the number one of the seven foreign companies who took part in the fuel oil tender. "The transaction is a landmark in the relations between Sri Lanka (CEYPETCO) and Brazil (Petrobras Singapore Pvt Ltd), and could very well pave the way for new opportunities in the near future, as both Brazil and Petrobras have vast experience in oil exploration, and most especially in deep sea oil drilling in tropical conditions, quite similar to those of Sri Lanka,"

Managing Director, Tradis Holdings Pvt Ltd, Rizly Illyas said. With the re-opening of the Brazilian Embassy in Sri Lanka and there is an improvement in relations between the countries on trade and other related issues.

This has culminated in with the Brazilian Government taking this venture as a foundation to longer-term ventures between the two countries.

Tradis Holdings (Private) Limited (THPL) is a limited liability Company which has now to include inter alia the supply of Copper based products from India, Electronics from Singapore, China and Dubai and are related to Rapid House Building Technology and the supply of Crude and Refined Oil products to the Government of Sri Lanka.

The company has in its portfolio a wide range of clients ranging from large institutions to individual customers.

In March THPL was appointed as agents for Petrobras Singapore Private Limited in Sri Lanka. Petrobras is a state owned Brazilian Company registered in Singapore.