Connect with us

News

CPC monopoly to end with govt. inviting multinational companies

Published

on

By Rathindra Kuruwita

Minister of Power and Energy, Kanchana Wijesekera, on Sunday, told the media that giving the Ceylon Petroleum Corporation (CPC) the monopoly over the oil industry was a mistake and the government was taking steps to allow multinational oil companies to recommence operations in Sri Lanka. The petroleum sector was nationalised in the early 1960s and the CPC was given a monopoly.

Addressing the media in Colombo, the Minister said that several other companies must get involved in fuel distribution in the country as it had become obvious that the CPC couldn’t do it alone.

“We need a few companies like Lanka IOC. Soon, I will present a Cabinet Paper on this matter. Not only the CPC and the LIOC, but also companies of other oil producing nations must be given the chance to supply and distribute oil. Companies like Shell and Caltex were in Sri Lanka earlier. We made a serious error when we gave the CPC a monopoly,” he said.

The Minister also insisted that many oil companies had shifted to Singapore after Sri Lanka nationalised the petroleum sector. The Minister said that Singapore had become a petrochemical hub thereafter.

” We want a company which can give us oil at least for one year on credit––a company that could use its own funds to import fuel. The purpose will be lost if they too start tapping into the dollars that local banks have. If the IOC wants to expand, we must allow that to happen. We have taken a decision to allow oil producing companies to start operations in Sri Lanka,” he said.

The Minister also said that two ships carrying petrol and diesel would arrive on the 23 and 24 June. Sri Lanka had enough stocks of diesel for 10 days and the CPC was supplying to the market more than it usually does, he said.

“The LIOC has 10,000 MT of petrol in its stores in Trincomalee. It only issue 300 MT a day but we asked it to release 1,000 tonnes a day in the coming days. We urge people not to queue up for petrol in the coming four days unless it’s an emergency,” he said,

The Minister also insisted that the CPC officials were following procurement guidelines to the letter when making fuel purchases, as they feared that they would be hauled up before various probe commissions and therefore they were hesitant to take prompt action. “The Cabinet is now contemplating laws to give officials some legal cover to protect themselves, when officials take proactive decisions during emergencies.”

The minister said: “The Ceylon Electricity Board (CEB) needs fuel to ensure that power cuts do not exceed three hours. The train services also need 150 tonnes of diesel a day. State and privately owned buses, engaged in public transport, need 600 tonnes of diesel a day.  We have instructed depots to pump diesel to buses with route permits from Sunday (19). The police have been instructed to provide security. Tourist coaches, staff transport services and school services, too, can queue up at sheds. There is fuel for everyone.  I urge drivers of these vehicles not to queue up in gas stations from now on.”

The Minister also said that in the next week the police and divisional secretaries would come up with a list of full-time three wheeler drivers and allocate them specific gas stations for refuelling.

“We will divide the vehicles so that each vehicle has two days a week to obtain 20 to 30 litres of fuel. Health workers can also get fuel to their vehicles at selected gas stations every Friday.  We will get three crude oil shipments on 29 June and 10 and 14 July,” the minister said.



News

Hatton National Bank donates Rs. 100 Million to the ‘Rebuilding Sri Lanka’ Fund

Published

on

By

The ‘Rebuilding Sri Lanka’ Fund, launched to support communities affected by Cyclone Ditwah and to facilitate national recovery efforts, continues to attract generous support from local and international organizations, the business community and philanthropists.

In this context, Hatton National Bank has contributed Rs. 100 million to the Fund. The cheque was presented on Tuesday (16) at the Presidential Secretariat by the Bank’s Managing Director/Chief Executive Officer,  Damith Pallewatte, together with Chief Operating Officer  Sanjaya Wijemanna, to Secretary to the President Dr. Nandika Sanath Kumanayake.

Continue Reading

News

Post-Ditwah recovery efforts: Rs. 190 bn needed to restore roads and bridges countrywide

Published

on

Officials of the Ministry of Transport and Highways and Urban Development yesterday said that due to the destruction of roads and bridges across the country by Cyclone Ditwah, the Road Development Authority alone had incurred a loss of approximately Rs. 75 billion.

The officials said the restoration of disaster-hit roads and bridges would require approximately Rs. 190 billion.

This was disclosed at the meeting of the Sectoral Oversight Committee on Infrastructure and Strategic Development, convened to discuss the nature of the Ditwah disaster and the measures to be taken to assess the resulting social, economic, and environmental damage. The meeting was held recently (11) in Parliament under the Chairmanship of Member of Parliament S.M. Marikkar.

During the meeting, officials of the Ministry of Transport and Highways and Urban Development pointed out that as a result of the disaster situation, 316 roads and 40 bridges, under the purview of the Road Development Authority, had been damaged.

However, the Chair of the Committee pointed out that assessments regarding damage to railway lines and regional roads across the country had not yet been carried out. The Chair further emphasised the importance of the Ministry taking the lead in formulating a mechanism to provide financial allocations for the rehabilitation of regional roads.

Accordingly, the officials informed the Committee that it was currently expected to obtain a loan of Rs. 2 billion from the World Bank, and that funds required to carry out these rehabilitation works were also expected to be obtained from several other institutions.

Meanwhile, officials of the Ceylon Electricity Board (CEB) informed the Committee that the CEB had incurred a loss of approximately Rs. 20 billion due to recent natural disasters. It said discussions are underway to obtain a loan from the World Bank for this purpose. Commenting on this, the Chair of the Committee advised the CEB officials to obtain these funds as a grant rather than as a loan. He emphasised the importance of securing the funds as a grant, as obtaining them as a loan could result in an increase in electricity bills for consumers.

In addition, officials informed the Committee that Lanka Electricity Company (Pvt.) Ltd. had incurred an estimated loss of Rs. 252 million due to the Ditwah disaster. Officials representing the company further stated that since the expenditure required for the repair work could be covered with budgetary allocations already provided to them, no additional loan or grant was required.

Officials also informed the Committee that the National Water Supply and Drainage Board had incurred an estimated loss of Rs. 5.6 billion due to the disaster. The Secretary of the Ministry of Housing, Construction and Water Supply informed the Committee that 156 water supply schemes of the National Water Supply and Drainage Board were damaged, and that all of them had now been restored. The Secretary further informed the Committee that arrangements were being made to obtain the funds required for rehabilitation as a grant from the Asian Development Bank.

Accordingly, emphasising the importance of preparing plans to face potential future disasters, the Chairman of the Committee said the Sectoral Oversight Committee on Infrastructure and Strategic Development was ready to provide necessary support to the relevant ministries and officials for this purpose.

Members of Parliament Nalin Bandara Jayamaha, Ajith P. Perera, and Asitha Niroshana Egodavithana, along with a group of officials, were present at the discussion.

Continue Reading

News

Siddhalepa takes authentic Lankan Ayurveda medicine to UK through a collaborative

Published

on

The expansion of Sri Lankan Ayurveda in the United Kingdom was marked a few days ago at the Sri Lanka High Commission in London, with the official launch of the Siddhalepa & Ayurveda Medical UK Collaborative. The occasion brought together dignitaries, Ayurvedic and medical professionals, wellness industry leaders, and members of the Sri Lankan and British communities to celebrate the formation of a strategic partnership aimed at improving access to authentic Sri Lankan Ayurveda medicine in the UK.

Delivering the welcome remarks, Dr Roshan Jayalath, Director of Ayurveda Medical UK, outlined the collaborative’s commitment to strengthening clinical standards, preserving cultural integrity, and enhancing global recognition of Sri Lanka’s rich medical heritage. Addressing the gathering, Sri Lanka’s High Commissioner in London, Nimal Senadheera, underscored the initiative’s significance in promoting Sri Lanka’s cultural legacy, deepening bilateral relations, and creating new opportunities for cooperation in the fields of Ayurveda and wellness. He reaffirmed the High Commission’s support for initiatives that elevate Sri Lanka’s international profile.

Joining the event virtually from Sri Lanka, Asoka Hettigoda, Chairman of the Siddhalepa Group, spoke of the company’s 200-year Ayurvedic lineage, its 90-year commercial history, and its standing as a global leader in authentic Ayurveda. This was followed by a presentation by Mrs. Shevanthie Goonesekera, titled The Origins of Siddhalepa, which traced the brand’s evolution and its enduring contribution to Sri Lanka’s cultural heritage.

Directors Prof Vijay Nayar and Dr Prag Moodley outlined the collaborative’s vision for a structured, clinically responsible model of Ayurveda practice in the UK, while Dr Vani Moodley spoke on Ayurvedic diagnostic principles and the philosophy underpinning the “Signs of Life” approach.

By Sujeeva Nivunhella
in London

Continue Reading

Trending