The Ceylon Petroleum Corporation (CPC) signed a Memorandum of Understanding with the Hambantota International Port Group (HIPG) last week to develop Hambantota Port as a strategic energy centre in Sri Lanka.
The signing ceremony was held at the Ministry of Energy with top officials of CPC and HIPG participating.
A separate storage terminal with associated facilities for both domestic and export purposes connected to the Port via a pipeline is to be established by CPC, about 15 kilometers away from the Port.
CPC, the State entity which provides the majority of petroleum products to local consumers, has identified a land area of approximately 50 acres owned by the Sri Lanka Mahaweli Authority for the project. The new facility is expected to expand the storage and bulk distribution facilities of CPC.
The existing storage facility of CPC/CPSTL is sufficient to store refined petroleum product requirements of the entire country for a period of only one month, a capacity below the requirements of ensuring the country’s energy security.
CPC currently imports refined petroleum products to cater to approximately 70 per cent of the country’s demand via the Colombo Port and suburbs.
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