Sri Lankan government to implement new projects in petroleum sector in 2020
The government of Sri Lanka has reportedly noted that it is planning to implement a range of new projects in 2020 in the petroleum sector involving the state owned Ceylon Petroleum Corporation (CPC).
The new projects are to include building a new pipeline from the Colombo Port and increasing the fuel buffer stock from the current two weeks to one month.
During a meeting held at CPC, Sri Lanka’s Power and Energy Minister Mahinda Amaraweera has discussed with the officials how to improve the capacity of the state entity to provide better service to the public.
According to local media reports, Amaraweera had discussed the building of a new pipeline from the Colombo Port to CPC central storage facility to reduce fuel transportation time.
Sri Lanka’s Power and Energy Ministry in a statement has noted that the Minister had discussed plans with officials to build new storage tanks to increase fuel buffer stock capacity up to one month from the current two weeks.
Amaraweera had also highlighted the importance of improving storage capacity of provincial fuel distribution points to meet increasing demand.
The Minister had further acknowledged the possibility of distributing more fuel by train to areas out of the Western Province as a cost effective method and as a solution to reduce traffic congestion. During the discussion, the Minister has noted that importing a train engine for CPC usage could be considered if there was such a necessity.
OSL take:
The new projects being considered for the petroleum sector is yet another lucrative business/investment opportunity for foreign businesses/investors. Foreign businesses interested in doing business in Sri Lanka could explore business/investment opportunities in the petroleum sector. Sri Lanka is fast becoming a business destination in the South Asian region given its geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country.
| Article Code : | VBS/AT/17122019/Z_6 |