CPC has been converted into a profit-making venture: Min. Chandima Weerakkody

CPC has been converted into a profit-making venture: Min. Chandima Weerakkody

CPC has been converted into a profit-making venture: Min. Chandima Weerakkody

Written by Tharushan Fernando

12 Aug, 2016 | 8:39 pm

The CPC has been converted into a profit-making venture, said  Minister of Petroleum Resources Development, Chandima Weerakkody. Minister Weerakkody made this comment at Meet the Minister – a forum organised by the National Chamber of Commerce in Colombo on Thursday evening.

The Minister of Petroleum and Petroleum Gas stated that the CPC was converted in to a profit-generating venture during the past year, where it recorded a 36.5 billion profit after taxes within four months (from January to April), for the first time in a decade while the level transparency, accountability and competitiveness have increased.

He pointed out that gas has been discovered but, Sri Lankan gas within the country is not seen and Sri Lanka has been a country that is full of resources but finances is a bit difficult task to collect at this moment.

“So we are not in a situation to invest on our own , and also if you may know the industry, I suppose like in one of seven cases, a oil well is successful”, said the minster

He went on to note that as the government of Sri Lanka is not in a position to take such a huge chance in a gamble it was decided to convince foreign investment into exploration of gas and oil. He added that on one side, investment has to be secured while the investor is benefited financially,  and on the other hand the country interests must be safeguarded and there is policy for this and now the national gas policy is been formulated, where the final stages are close at hand. And once completely formulated it will be announced to the world.

He finally noted that the Petroleum Resources Development Act is almost ready and it will be soon taken to the parliament for incorporation, that will enable any Sri Lankan to convince an investor of his or her protection.

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