The Ceylon Petroleum Corporation (CPC) expects to sign an agreement next month to open a new oil refinery in Hambantota, a senior CPC official told Times Online.
The CPC has already called for Request for Proposals (RFP) from China's Sinopec and Singapore based firm Vitol after evaluating several bidders for the project. One of these company's will be selected to build the new refinery after their RFPs are evaluated.
Once the export-oriented refinery commences operations, it will be capable of producing about 100, 000 barrels of refined products on a daily basis, said the official.
Under the terms of the agreement with the winning bidder, 20% of the products that will be produced through the refinery will be sold in Sri Lanka. Since the barrels are being produced here, freight and insurance taxes will be minimal, meaning that it will be cheaper than Importing fuel, claimed the official.
The UK government has unveiled a package of reforms to simplify imports from developing countries which allows for more garments manufactured in Sri Lanka to enter the UK tariff-free.
Read these and more on tomorrow’s edition of the Sunday Times
Cabinet has approved the appointment of Commodore (retired) M.B.N.A. Premaratne of the Sri Lanka Navy, as the new Commissioner General of Excise.
Villagers in Nirmalapura, Daluwa, Norochcholai today staged a protest over an incident where a group of Navy officials and sailors had assaulted a resident in the area over night, Police said.
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