Cabinet approval granted to allow Petroleum corporation to obtain loans directly from the International market

Cabinet approval granted to allow Petroleum corporation to obtain loans directly from the International market

Cabinet approval granted to allow Petroleum corporation to obtain loans directly from the International market

Written by Staff Writer

16 Feb, 2021 | 10:03 pm

COLOMBO (News 1st): The Cabinet has given approval to the Ceylon Petroleum Corporation to obtain foreign exchange for debt management.

“As a result of continuous trading losses, the Ceylon Petroleum Corporation is in debt of Rs. 600 billion” Co-Cabinet Spokesman Minister Udaya Gammanpila said.

He added that the Ceylon Petroleum Corporation has been bankrupt since 2008.

“The Cabinet observed two advantages including the CPC being able to buy the required amount of Dollars from the foreign exchange market for concessionary rate and the Government being able to maintain a stable exchange rate” Minister Gammanpila added.

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