CPC …
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He also revealed the marginal profit recorded in the first two months of 2015 reversed to a loss of Rs. 5 billion by the end of April 2015.
During the same period from January to April 2014, CPC recorded a profit of Rs. 2 billion.
General Secretary of the CPC National Workers Union, Ananda Palitha told the Business Times that the downfall of the CPC began 10 years ago and no government has taken action to remedy the situation.
The previous Mahinda Rajapaksa regime brought down the administration to a very low level appointing cronies to top posts, granting illegal promotions of stooges and encouraging them to carry out financial misappropriation and corruption.
At least 7000 employees have been recruited to the corporation in the past 10 years over and above the required staff, he said adding that no action has been taken to modernize Sapugaskanda oil refinery by all previous managements.
Moreover, if the refinery is put back into operation by modernising it, the selling prices of main petroleum products namely petrol, diesel and kerosene could have been significantly reduced to pass stet the benefit of the price reduction of the international market to the consumers.
He pointed out that the production of lubricants, agro chemicals, and bitumen as well as the ship bunkering of the CPC had been neglected and it has incurred a massive revenue loss to corporation.
Mr. Palitha said that these money spinning areas should be re-developed to pull out the CPC from the current abyss.
The government should tackle all these short comings strengthening and streamlining the management by appointing suitable and qualified persons to top posts, he said adding that privatisation of the corporation is not the only solution to the present crises at the CPC.