News
CPC in joint venture for petroleum products from waste
By Franklin R Stayapalan

The Ceylon Petroleum Corporation in a joint venture with the UK based Symphony Energy Resources Ltd will commence production of petroleum products with waste plastic, polythene, old tyres and other rubber based waste products as raw material.

The special feature of this product is that it would be sulphur free unlike diesel and petrol. This would be environmental friendly, energy efficient with no harmful emission.

CPC and the UK based firm have already held talks in this regard and the blueprint will be forwarded to the Cabinet by Minister A.H.M.Fowzie, Petroleum Corporation, Deputy General Manager Planning and Development Ranjith Wickremasinghe

This was promoted by Chairman CPC Asantha de Mel through the UK High Commission in Colombo. Mr de Mel told The Island that the CPC has opened a new Research and Development division to find alternate fuel for local consumption and expected the new product now being envisaged to cost less since the raw materials are cheaper

CPC and the UK firm which is a listed in the stock exchange in London will jointly invest US dollars 25 million and expect to produce 150,000 barrels of crude oil per year of which 75 per cent will be used for the production of petroleum fuel and the balance for domestic gas and the residue would be used for the manufacture of tyres.The company’s plant is in operation in the USA for the last ten years

The CPC is also targeting junk collectors in Colombo who will be registered and and their collection bought.

 

 

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