The Government has decided to operate the Sapugaskanda Oil Refinery as a public enterprise separated from the Ceylon Petroleum Corporation (CPC).
The Cabinet of Ministers has granted its consent to the proposal forwarded in this regard by Power and Energy Minister Kanchana Wijesekera.
The Government Information Department said it has identified the need to make a ‘critical investment’ to upgrade the oil refinery in order to keep it up and running for another 25 years.
Thereby, it has been decided that the Sapugaskanda Oil Refinery be operated as a separate public enterprise so that necessary investments could be made by both local and foreign private sectors.
The facility, which is the only oil refinery in Sri Lanka, was established in 1969 and fulfills around 25 percent of the country’s demand for refined petroleum products.
Ishara Mudugamuwa