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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's refinery to be upgraded to European standards

Sri Lanka's refinery to be upgraded to European standards

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Aug 03, Colombo: The Petroleum Industries Ministry has initiated a program to upgrade the country's only oil refinery at Sapugaskanda to fit European standards.

The Ministry has taken the decision to upgrade the laboratories of the Ceylon Petroleum Corporation (CPC) and Ceylon Petroleum Storage Terminal Ltd (CPSTL) with the support of an agency meeting international standards, the state-owned English daily The Daily News said.

The Ministry says that most of the new machines and equipment imported to Sri Lanka are made to meet the European standards in the consumption of oil.

Accordingly, a programme was launched under the project to upgrade the Sapugaskanda oil refinery to produce fuel varieties to vehicles and equipment that meet European standards.

Currently the Sapugaskanda oil refinery can only process Iranian crude and in the face of the US embargo on Iranian oil, Sri Lankan authorities are considering to upgrade the refinery to process crudes from other sources.

The Ministry said only the CPC is carrying out the modernization of the Sapugaskanda oil refinery and no other oil company or private institution is involved in the upgrading.

A recent report in Business Standard said the Indian Oil Corporation (IOC) will set up a refinery in Sri Lanka as a joint venture with an investment up to US$ 3.6 billion.

The report said the IOC officials were in discussions with the Sri Lankan government and the government had agreed to provide a land adjacent to the Sapugaskanda Refinery to set up the new refinery.

However, the Ministry has denied that it had any discussions with IOC to set up a refinery in the country.
http://www.colombopage.com/archive_12A/Aug03_1343977377CH.php

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