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Ceylon Petroleum Corporation
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Ceylon Petroleum Corporation
Ceylon Petroleum Corporation, commonly known as CEYPETCO (CPC), is a Sri Lankan oil and gas company. Established in 1962 and wholly owned by the Government of Sri Lanka, it is the largest oil company in Sri Lanka. It was formed in 1961 by nationalisation and expropriation of all private oil companies in Sri Lanka at the time of its formation. It is under the ownership of Ministry of Petroleum Resources Development headquartered in Colombo. It is the largest government owned company in the country, with an operational profit of Rs. 33.9 billion for the financial year 2020.
CPC provides a substantial source of income for the Sri Lanka government, with 30% of the government's budget dependent on the company's dividend. In December 2018, CPC became Sri Lanka's most loss government corporation of the second consecutive years, with a record loss of Rs. 326 billion at the end of 2018.
Even after independence in 1948, policy towards the country's petroleum and gas industry had remained unchanged until the end of the 1950s. The Ceylon Petroleum Corporation was created with the Ceylon Petroleum Corporation Act of May 29, 1961. Subsequent legislative acts in 1962, 1963 and 1964 expropriated the properties belonging to Shell, Esso and Caltex in the country, and gave the Ceylon Petroleum Corporation the exclusive right to import, sell, export or distribute most petroleum products in Sri Lanka.
In 1961, Prime Minister Sirimavo Bandaranaike (1960–65) launched in Act. No. 28 of 1961 to bypass the monopolistic pricing imposed on OPEC oil imports, allowing Sri Lanka to import oil from the UAE and the former Soviet Russia. After establishing CPC Bandaranaike nationalised the Anglo–Dutch operating companies (Shell and BP).
In 1968, the company built a new refinery, increasing production to 38,000 BPD.
From 1969, it became possible for foreign petroleum companies to do business in Sri Lanka within a partnership with National Iranian Oil Company. Sapugaskanda Refinery was built by Iran under the guidance of the CPC in August 1969 Sapugaskanda establishment of JET A1 producing unit in the late 1980s. It is the single largest oil refinery of Sri Lanka.
In the mid-1970s, the company began to sell LPG cylinders to homes in Colombo and further expanded its delivery network.
CPC accounts for more than half of Sri Lanka's petroleum products market share, 60% national refining capacity. CPC own and operate single refineries with a combined refining capacity of 50,000 barrels (7,900 m3) per stream day.
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Ceylon Petroleum Corporation
Ceylon Petroleum Corporation, commonly known as CEYPETCO (CPC), is a Sri Lankan oil and gas company. Established in 1962 and wholly owned by the Government of Sri Lanka, it is the largest oil company in Sri Lanka. It was formed in 1961 by nationalisation and expropriation of all private oil companies in Sri Lanka at the time of its formation. It is under the ownership of Ministry of Petroleum Resources Development headquartered in Colombo. It is the largest government owned company in the country, with an operational profit of Rs. 33.9 billion for the financial year 2020.
CPC provides a substantial source of income for the Sri Lanka government, with 30% of the government's budget dependent on the company's dividend. In December 2018, CPC became Sri Lanka's most loss government corporation of the second consecutive years, with a record loss of Rs. 326 billion at the end of 2018.
Even after independence in 1948, policy towards the country's petroleum and gas industry had remained unchanged until the end of the 1950s. The Ceylon Petroleum Corporation was created with the Ceylon Petroleum Corporation Act of May 29, 1961. Subsequent legislative acts in 1962, 1963 and 1964 expropriated the properties belonging to Shell, Esso and Caltex in the country, and gave the Ceylon Petroleum Corporation the exclusive right to import, sell, export or distribute most petroleum products in Sri Lanka.
In 1961, Prime Minister Sirimavo Bandaranaike (1960–65) launched in Act. No. 28 of 1961 to bypass the monopolistic pricing imposed on OPEC oil imports, allowing Sri Lanka to import oil from the UAE and the former Soviet Russia. After establishing CPC Bandaranaike nationalised the Anglo–Dutch operating companies (Shell and BP).
In 1968, the company built a new refinery, increasing production to 38,000 BPD.
From 1969, it became possible for foreign petroleum companies to do business in Sri Lanka within a partnership with National Iranian Oil Company. Sapugaskanda Refinery was built by Iran under the guidance of the CPC in August 1969 Sapugaskanda establishment of JET A1 producing unit in the late 1980s. It is the single largest oil refinery of Sri Lanka.
In the mid-1970s, the company began to sell LPG cylinders to homes in Colombo and further expanded its delivery network.
CPC accounts for more than half of Sri Lanka's petroleum products market share, 60% national refining capacity. CPC own and operate single refineries with a combined refining capacity of 50,000 barrels (7,900 m3) per stream day.