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» HOPL.N0000 ( Horana Plantations PLC)
Yesterday at 9:21 am by yellow knife

» පෑන් ඒෂියා බැංකුවේ ප්‍රාථමික අලෙවි කටයුතු මාස 06 කට අත්හිටුවයි
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» LIOC.N0000 (Lanka IOC PLC)
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» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
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» Plantation sector updates
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» අධිකරණ ඇමතිට ආණ්ඩු පක්ෂයෙන්ම විශ්වාස භංගයක්?
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» Video of the day...
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» LWL.N0000 (Lanka Walltiles PLC)
Fri Aug 11, 2017 11:25 am by pjrngroup

» RICH N.0000 Richard Pieris and company PLC
Fri Aug 11, 2017 11:08 am by Ethical Trader

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Thu Aug 10, 2017 9:29 pm by jiggysaurus

» ජනපති අගමැති ඇතුළු "සම්මුති ආණ්ඩුව වෙනුවෙන්" රවී ඇමති පුටුව අතහරි...
Thu Aug 10, 2017 7:13 pm by smallville

» KFP.N0000(Keels Food Products PLC)
Thu Aug 10, 2017 7:11 pm by pjrngroup

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» REXP.N0000 ( RICHARD PIERIS EXPORTS PLC)
Thu Aug 10, 2017 6:06 pm by Rana

» 10 Billion Dollar Companies Secretly Going Bankrupt !
Thu Aug 10, 2017 5:06 pm by කිත්සිරි ද සිල්වා

» SAMP.N0000 (SAMPATH BANK PLC)
Thu Aug 10, 2017 3:25 pm by The Invisible

» ඇමති රවී විශේෂ ප්‍රකාශයක් කරමින් ඉවත් වෙන්න සූදානම්
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» How cricket found – Rajgama heros !
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» උ.කොරියාව, ඇමෙරිකාවේ 'ගුවාම්' දූපතට පහර දෙයි ද?
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» ASPI Status Update
Wed Aug 09, 2017 11:31 am by Ethical Trader

» Obituary Notice.
Wed Aug 09, 2017 8:58 am by කිත්සිරි ද සිල්වා

» Sri Lanka lagging in stock market development in the region’
Tue Aug 08, 2017 11:10 pm by Backstage

» PINS.N0000 ( PEOPLE'S INSURANCE PLC )
Tue Aug 08, 2017 11:01 pm by Backstage

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» පැහැරගැනුණු නිරුපිකාව ගැලවේ: 'මැදපෙරදිගට විකිණීමේ තැතක්'
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Mon Aug 07, 2017 8:14 pm by nihal123

» හිල්ටන් හෝටලයට වෙන්න යන දේ මෙන්න. සේවකයන්ටත් 4% ක කොටස්
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» "ඉවත් වන්න" - ඇමති රවීට ජනපති දන්වයි
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» Chinese-backed Port City to attract $13 b in investment from 2018
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Sapugaskanda refinery revamping to draw US $ 2bn in foreign

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Sapugaskanda refinery revamping to draw US $ 2bn in foreign

Post by sashimaal on Sat Mar 04, 2017 5:47 pm

The proposal to refurbish and double the capacity of Sri Lanka’s only refinery in Sapugaskanda will draw in US$ 2 billion in financing, the country’s petroleum minister said this week.

“The cost will come to about US$ 2 billion. The profit per year is going to be around US$ 400 million once the revamping is completed. There is no other business in Sri Lanka that generates that kind of profit, so getting investments for this type of project is not a difficult task,” Petroleum Resource Development Minister Chandima Weerakkody said.

Recent reports said that the Ceylon Petroleum Corporation (Ceypetco), under which the Sapugaskanda Refinery operates, has received 28 bids from companies from China, India, Iran, Italy, Singapore, the UAE and the US.
“We’re currently in the proposals (stage),” Weerakkody said.
He noted that the type of funding would be determined after a proposal is finalized by the Cabinet Committee on Economic Management.
The programme would see the capacity at the Sapugaksanda refinery double to 100,000 barrels per day, Weerakkody said.

The US$ 2 billion expansion plan has been on the cards since 2011. The then government had plans to market the project to entities in Russia and South Korea, after an initial deal with Iran to complete the project for US$ 1.7 billion fell through.

Meanwhile, Weerakkody said Ceypetco will be focusing on more jet fuel production in the future, while improving internal efficiencies and reducing wastage through IT assisted optimization.

“We are going to trim kerosene production because there’s an oversupply. We’re importing jet fuel, but we can produce better quality jet fuel here and make more profits. So we will produce more jet fuel and we will also increase the weight on lubricant production,” he said.

He also said that due to greater jet fuel consumption at the Katunayake Airport, the cabinet has given approval to construct a pipeline between the airport and new jet fuel tanks through the Muturajawela Marsh.

Meanwhile, talks are also ongoing with the Indian government for 100,000 barrels per day refinery in Trincomalee to be developed simultaneously with the joint venture for the Trincomalee oil tank farm.


- http://www.dailymirror.lk/article/Sa...s--124800.html
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