News
CPC veteran: Frequent shutdowns will ruin precious oil refinery

By Rathindra Kuruwita
The Sapugaskanda Oil Refinery should not be shut down and restarted from time to time, former Senior Deputy General Manager and Acting Chairman of the Ceylon Petroleum Corporation, Cyril Suduwella told the media yesterday.
He said that such interruptions might damage the operating systems of the oil refinery.
The Sapugaskanda Oil Refinery has the capacity to process 50,000 barrels of crude oil per day and the plant should operate continuously for two years, Suduwella said.
“After two years, we can close it down for a few days for maintenance. That is how the refinery has functioned for 40 years (This was commissioned in the 1960s). If shut it down from time to time, it may develop defects, and repairs will be extremely expensive.”
Suduwella said refining crude oil in Sri Lanka was the most economical way for the country because by-products of refining are also vital for many industries. Apart from diesel and petrol, products such as kerosene, burnt oil, jet fuel and furnace oil are produced during the refining process, he said.
“Without these by-products, many industries will go into crisis. When the refinery was established, the government made colossal profits. Refineries are a lucrative business. We must expand the plant so that we can refine 100,000 to 150,000 barrels of crude oil daily. The plant also severs as a training centre.
Latest News
Cabinet nod to obtain USD 200mn loan from ADB

The Cabinet of Ministers granted approval to the proposal submitted by the President in his office as the Minister of Finance, Economic Stabilization and National Policies to enter into a loan agreement with the Asian Development Bank to obtain an amount of United States dollars 200 million subject to an annual interest rate of 2% with a repaying period of 25 years inclusive of a grace period of 05 years, to implement accelerated reformations to enhance the conflict management framework and the stabilization in the finance sector.
News
Cabinet nod to submit appropriation bill for the year 2024 to Parliament

The Cabinet of Ministers approved the resolution furnished by the President in his office as the Minister of Finance, Economic Stabilization and National Policies to publish the draft bill of appropriation for the financial year 2024 in the government gazette notification and subsequently to table the same in the Parliament for its concurrence.
News
State Loan Management Institute to be established

The Cabinet of Ministers granted approval to the resolution furnished by the acting Minister of Finance, Economic Stabilization and National Policies to direct the Legal Draftsman to draft the bill of the State Loan Management Act.
-
Sports5 days ago
Selectors make ‘U’ turn after requesting Shanaka to step down
-
News4 days ago
In terms of RTI Act House releases names of MPs who voted for new law
-
News6 days ago
Ex-Army Chief’s services to the nation stressed
-
News2 days ago
Business focus shifting in a more favorable direction
-
Business2 days ago
SLT-DIGITAL Services and Surge Global forge strategic partnership to propel growth marketing and develop enterprise software solutions
-
Business5 days ago
David Cameron to address Port City Colombo UAE Roadshow
-
News1 day ago
US delaying visa for Security Oversight Committee head
-
News6 days ago
Dialog enables 5G for Apple iPhone users for the first time in Sri Lanka