Press briefing of Cabinet Decision taken on 2018-04-24

Entering into a long term Contract for the purchase of 7,000,000 barrels of Crude Oil

It has been decided to purchase crude oil necessary under the term contracts, to ensure the uninterrupted supply to the Sapugaskanda Oil Refinery of the Ceylon Petroleum Corporation for its continuous operation. Accordingly, the proposal made by Hon. Arjuna Ranatunga, the Minister of Petroleum Resources Development to award the contract to M/s Swiss Singapore Overseas Enterprises Pte. Ltd. for the purchase of 7,000,000 Barrels of Murban Crude Oil required for a period of 8 months from the 01st of April 2018 for a premium value of US$ 1.69 per crude oil barrel, as recommended by the Standing Cabinet Appointed Procurement Committee (SCAPC), was approved by the Cabinet.