March 19, Colombo, LNW: The Sri Lankan government has made a significant decision to operate the Sapugaskanda Oil Refinery as a distinct public enterprise, independent of the Ceylon Petroleum Corporation (CPC). This decision, spearheaded by Power and Energy Minister Kanchana Wijesekera, has received approval from the Cabinet of Ministers.
According to the Government Information Department, there is a recognized necessity for substantial investment to modernize the refinery, ensuring its operational viability for the next 25 years. As the sole oil refinery in Sri Lanka, established in 1969, the facility currently meets approximately 25 percent of the nation’s demand for refined petroleum products.
The separation of the Sapugaskanda Oil Refinery from the CPC aims to facilitate essential investments from both domestic and foreign private sectors. This strategic move underscores the government’s commitment to ensure the refinery’s continued contribution to the country’s energy needs while fostering opportunities for enhanced efficiency and sustainability in the petroleum sector.
