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CPC to expand refinery venture with US$ 2.5 billion investment

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CPC chairman Sumith Wijesinghe commissions the first of the new technologically upgraded fuel pumps to be installed at CPC filling stations islandwide. at C.F De Mel filling station in Colombo 2 on January 26. Pic: Sujatha Jayaratne

by Sanath Nanayakkare

Ceylon Petroleum Corporation (CPC) has initiated feasibility studies for a project which has been on the cards for a long time to expand its crude oil processing capacity at its Sapugaskanda plant up to 100,000 barrels per day, in order to boost its volume of refined petroleum products issued to the market.

“A feasibility study aimed at determining the technical, operational, environmental and commercial scope of the planned 100,000-b/d expansion is underway with a focus on several proposals to enhance the refinery’s existing capacity,” CPC Chairman Sumith Wijesinghe told The Island Financial Review on Tuesday.

“This is going to be an investment worth US$ 2.5 billion. CPC doesn’t have that much of funds. We will have to accomplish it with some collaboration,” he said.

When asked if CPC has picked an investor and any negotiations have begun, he said, “the feasibility study will be completed in six months and then we will consider the aspect of investor participation in the project”.

He made these remarks after an event held at the C.F De Mel filling station in Colombo 2 where the CPC chair commissioned the first of the new supply of fuel pumps to be installed at 248 CPC-owned Ceypetco filling stations islandwide.

Five hundred technologically upgraded fuel pumps have been imported from China to be installed at CPC filling stations.

“There are 1,325 CPC filling stations in the country of which 248 are owned by CPC. At phase 1, we will be modernizing the 248 filling stations owned by CPC by providing these new fuel pumps and do likewise in all other CPC filling stations in phase 2 and 3. We will be importing 2,000 new pumps. The first 500 pumps which cost Rs. 400 million have reached us, and today we started commissioning them. By 2022 all CPC stations will have got them. These new pumps are technologically advanced in such a way that they can’t be tampered with, by the operators or anyone else. Also, the new pumps will ensure precision of billing giving our customers the reliability and better service they have always asked for”, he said.

According to CPC sources, the Department of Measurement Units has given approval to import these fuel pumps.

Each pump has cost between Rs. 0.7mn and Rs.1 million

“On a daily basis, vehicles in Sri Lanka consume 3,500-4,000 metric tonnes of petrol and vehicles and power stations consume 4,500-5,000 metric tonnes of diesel”, they said.

 

 



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HNB joins CBSL to promote ‘Rata Purama LANKAQR’ campaign in Kandy

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HNB PLC once again joined the Central Bank of Sri Lanka (CBSL) to promote the ‘Rata Purama LANKAQR’ campaign to raise awareness and encourage the public in the Kandy district towards a cashless payment ecosystem.

HNB, together with other financial institutions and telecommunication partners, participated in the day-long event held at the Kandy City Center. The bank raised awareness regarding its LANKAQR integrated HNB SOLO payment app while onboarding merchants during the promotional campaign.

“During the early stages of the pandemic we witnessed many of our customers and members of the public seamlessly adopt our cashless and contactless payment app HNB SOLO. With COVID and the subsequent launch of the ‘Rata Purama LANKAQR’ campaign the number of users of these types of systems have increased exponentially.

“Given that the mutual vision of the Central Bank of Sri Lanka and HNB is for a financially and technologically empowered Sri Lanka, HNB is proud to serve as an enthusiastic partner to roll out LANKAQR island-wide. The fact that we now have merchants in the cultural capital of Sri Lanka making this shift is another major milestone in this digitalization journey,” HNB Deputy General Manager – Retail and SME Banking, Sanjay Wijemanne said.

 

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ComBank’s ATM network sets new records for cash dispensed during festive season

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The automated teller machine (ATM) network of Commercial Bank of Ceylon dispensed a record Rs 8.818 billion on 9th and 10th April 2021, shattering the previous records for the highest and second highest cash disbursements for a 24-hour period, as Sri Lanka’s leading private bank facilitated the celebration of the Sinhala and Tamil New Year.

The disbursements of Rs 4.498 billion on April 9 and Rs 4.320 billion on the following day represented a substantial increase over the single-day values recorded in previous years.

In total, Commercial Bank dispensed Rs 41.748 billion via its ATM network between 1st and 15th April 2021 at an average of Rs 2.783 billion per day, reaffirming the indispensable role it plays in the lives of Sri Lankans, as well as the reliability and robustness of the network. On seven of these 15 days the network dispensed more than Rs 2 billion a day, and on five days disbursements exceeded Rs 3 billion a day, the Bank said.

Comprising of 890 ATMs, the network processed 2.434 million transactions over the 15 days at an average of 168,988 transactions a day, while on 9th April, the number of transactions processed totalled 233,990 at an average of 9,749 transactions per hour or 162 transactions per minute.

The first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank operates a network of 268 branches in Sri Lanka. The Bank’s overseas operations encompass Bangladesh, where the bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the bank has a fully-fledged Tier I Bank with a majority stake.

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‘Ceylinco VIP Cyber Tharu’ to showcase Sri Lankan talent

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Ceylinco General Insurance has announced an online competition with a novel concept to showcase Sri Lankan talent by providing a platform for them with the opportunity to win handsome cash prizes.

“This time, our effort is to organize an online competition that provides an opportunity for Sri Lankan people to display their talent and also to identify hidden talents whilst rewarding them. There will be five overall winners whose prize money will be over Rs. 1 million and each category winner will get Rs 100,000/-. Ten randomly picked voters too will receive handsome cash awards,” said Patrick Alwis, chairman CEO of Ceylinco General Insurance.

The guidelines and the criteria of the competition were announced recently through a dedicated website and other social media platforms: Facebook, Instagram, twitter, You Tube as well as LinkedIn. Contestants can perform under five categories, namely, singing, dancing, instrumental performances, fashion modelling and funny videos / Standup comedy. Individuals over 18 years could perform under the individual category whilst the group category will have no age limit.

Under the group category either families or a group of friends could take part. Each entry will have to be specially recorded for this competition. Prior to recording the performance, they should download the image of the logo and have it displayed prominently in the background. Performances could be recorded using a smart phone or a video cam.

 

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