by Franklin R.
Satyaplan
Minister of Petroleum Resources Development A. H. M. Fowzie
yesterday vehemently denied accusations that 107 CPC petrol
sheds were to be sold to the private sector.
The Minister was due to meet representatives of the trade
unions at a closed door consultation at the ministry auditorium
last evening.
He said that the matter of providing funds to already
privatised shed owners to recondition or refurbish their sheds
was on the cards as these sheds retailed petrol and diesel.
He said most banks, local and foreign, recognized the
potential of the CPC, and HSBC had come toward with an offer of
450 million US dollar to carry out expansion of the refinery.
"There was over Rs. hundred million or more in reserves in
the CPC today, the situation has changed unlike in the past
where the banks demanded that we mortgage our assets.
Even the Saudi Government has come forward to offer 500
million US dollars soft loan to develop the refinery. In 2005
CPC made a net profit of 8 Rs Billion and we hope to get back
the Ceylon Petroleum storage terminals and of which 1/3rd was
given to CPC 1/3rd to Treasury and 1/3rd to LIOC," he said.
