The amount of debts to be settled by the Ceylon Petroleum Corporation (CEYPETCO) to state banks in Sri Lanka has exceeded Rs. 740 billion, awakening a suspension of further debt provision, revealed Energy Minister Udaya Gammanpila,
Pointing out that the CEYPETCO is suffering from such a weight of debt is due to the provision of fuel subject to debt for many state bodies, Gammanpila added that the CEYPETCO is now paying the price for other state-run bodies.
Rs. 80 billion is due to receive over the fuel lent to the Ceylon Electricity Board (CEB) and fuel amounting to Rs. 63 billion and subject to debt has been provided to the SriLankan Airlines, the Energy Minister revealed.
In the backdrop, provision of fuel subject to debt to the CEB and the SriLankan Airlines will no longer take place, he added.