Refining crude more profitable for Sri Lanka - Chandima

COLOMBO (News 1st); Sri Lanka's Former Cabinet Minister of Petroleum & Petroleum Gas, Chandima Weerakkody said it is more profitable for Sri Lanka to refine crude oil, rather than importing refined fuel products.

"Singapore that does not have a single oil well, has eight refineries, because of this," he said adding that Sri Lanka imports most of its crude from Singapore.

Noting that Keronese and Jet Fuel are of the same kind, the Parliamentarian who represents the ruling faction noted that if Sri Lanka starts importing Kerosene, the country will have to import at Kerosene at the same cost of importing Jet Fuel.

Further, he warned that the absence of furnace oil could affect the country's energy sector during the dry season, as at present hydropower generation is meeting the country's electricity demand.