Ceylon Petroleum Corporation

Ceylon Petroleum Corporation (CEYPETCO) (Sinhala: ලංකා ඛනිජ තෙල් නීතිගත සංස්ථාව Laṃkā Khanija Thel Nīthigatha Saŋsthāva) is the national oil and gas company of Sri Lanka. It was set up as a state enterprise by Act. No. 28 of 1961 in parliament and further amendments carried out subsequently.[2] Ceylon Petroleum largest and majority petroleum production company in Sri Lanka. It's annually income recoded in near US$ 3 billion. Ceylon Petroleum Corporation main oil refinery located in Sapugaskanda. It's stated in 1969 to process 38,00 BPSD of Iranian Light Crude Oil. First LPG production was started in 1971. 2020 COVID-19 pandemic time CEYPETCO manufacture and donate 200ml sanitizer bottles.[3] Company main partner with Ceylon Electricity Board. CEB has a debt of Rs. 500 billion due to paid. But it's never paid.[4] CPC begun produces and distribute Lubricant Oil. Local lubricant oil needs 65,000 kilo litres annually. Annually spend Rs. 30 billion for lubricant oil.[5] Sri Lanka, a net import of crude oil annually spend around $ 4 billion in 2018. Most oil consumption by vehicles.[6] Sri Lanka had huge losses $ 1.5 billion, said IMF. The International Monetary Fund (IMF) said, bailout loan if Sri Lanka implements a formula to adjust fuel prices.[7] In 2017 CPC plan to sell 35 years at a cost of $ 100,000 per year Trincomalee China Bay Oil Tank Farm for India.[8]

Refined Products

  Auto Diesel (51%)
  Petrol (92) (28%)
  Petrol (95) (6%)
  Jet A-1 (12%)
  Super Diesel (3%)
Revenue by sector
Rs. million
Transportation 412,716 69.68%
Power generation 74,757 12.62%
Aviation 64,189 10.84%
Domestic 17,688 2.99%
Industrial 13,661 2.31%
Export & Bunkering 9,090 1.53%
Agriculture Chemical 151 0.03%
Ceylon Petroleum Corporation
Native name
ලංකා ඛනිජ තෙල් නීතිගත සංස්ථාව
இலங்கைப் பெற்றோலிக் கூட்டுத்தாபனம்
TypeGovernment-owned corporation
IndustryOil and gas
Founded1962 (1962)
HeadquartersCEYPETCO House,
609 Dr Danister De Silva mawatha,
Colombo 9
,
Sri Lanka
Number of locations
 1,278 (2018)
Area served
Sri Lanka
Key people
Sumith Wijesinghe
(Chairman)
ProductsPetroleum
Natural gas
Motor fuel
Aviation fuel
Petrochemical
Lubricate
Production output
 69,229 bbl/d (2018)
Revenue Rs 592.252 billion (2018)[1]
Rs −23.135 billion (2018)[1]
Rs −105.050 billion (2018)[1]
Total assets Rs 350.884 billion (2018)[1]
Total equity Rs −261.996 billion (2018)[1]
OwnerGovernment of Sri Lanka
Number of employees
 2,461 (2018)[1]
ParentMinistry of Petroleum Resources Development
Websiteceypetco.gov.lk


Financial fallout

Ceylon Petroleum become Sri Lanka largest company by revenue. But company become loss several years remain.[9] On April 2020 Ceylon Petroleum Corporation lost Rs. 45.1 billion first quarter. Company total debt rising 1,158.7 billion.[10]

References
  1. "2018 Annual Report" (PDF). Ceylon Petroleum Corporation. ceypetco.gov.lk. Retrieved 2019-10-01.
  2. "Archived copy". Archived from the original on 2011-08-06. Retrieved 2011-07-14.CS1 maint: archived copy as title (link)
  3. "Sri Lanka Insurance join hands with Ceylon Petroleum Corporation and Litro Gas to provide personal protective equipment to government staff as work resumes". Adaderana Biz English | Sri Lanka Business News. 2020-05-11. Retrieved 2020-11-14.
  4. "Rs 50M to be given to CEB by CEYPETCO". CeylonToday. Retrieved 2020-11-14.
  5. "CPC produces lubricant oil for the first time in Sri Lanka". Sri Lanka News - BusinessNews.lk. 2020-06-07. Retrieved 2020-11-14.
  6. "Saving Fuel". Daily News. Retrieved 2020-11-14.
  7. www.ETAuto.com. "Sri Lanka hikes fuel retail prices by up to 130% - ET Auto". ETAuto.com. Retrieved 2020-11-14.
  8. "CPC TU strike unacceptable, says Minister". www.dailymirror.lk. Retrieved 2020-11-14.
  9. "CEYPETCO incur a Rs. 17.5 billion loss in less than 3 weeks". Sri Lanka News - Newsfirst. 2018-09-30. Retrieved 2020-12-24.
  10. "Sri Lanka's CPC loses Rs45 billion to April 2020 amid soft-peg collapse". EconomyNext. 2020-07-14. Retrieved 2020-12-24.
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