Cabinet approves sale of Cipetco to IOC and others

Energy Minister Kanchana Wijesekera stated on Twitter today morning (28) to announce that the Cabinet had approved the sale of Ceylon Petroleum Corporation’s Cipetco outlets to Indian Oil and other companies.

The message he issued notes these two points.

 1) Cabinet approval was given to open fuel import and retail markets for companies in oil producing countries. They are selected on the basis of their ability to import fuel and if they can operate for the first few months of operation without foreign exchange requirements from the Central Bank and other banks.

2) The Petroleum Corporation will be the service provider for supplies, wholesale and distribution, with a service charge from the companies. CEYPETCO’s existing 1190 CEYPETCO outlets and new outlets will be open to IOC and selected new companies. The refinery will operate with the Petroleum Corporation.