Local News: The Ceylon Petroleum Corporation (CPC) for the first time in history has begun produces Lubricant Oil, Petroleum Minister Mahinda Amaraweera said.
He said the country’s annual consumption of local lubricant oil exceeded 65,000 Kiloliters.
“However, we have continued to import the necessary lubricant oil until now and thus a large amount of foreign exchange has flowed out of the country,” the minister said.
He said the CPC had previously developed lubricant oil on many occasions but, for various reasons, the process was halted.
Meanwhile, senior CPC officials had told the minister that lubricant oil was initiated at their newly developed high-tech factory.
“The CPC will be able to produce lubricant oil with a capacity of 33 kiloliters per annum with the use of new machines,” the minister said.
He also said last year almost Rs.30 billion was spent on importing 65,000 Kiloliters of lubricant oil.
The developed oil would be sent to the market under the “CEYPETCO” brand name.
“The production capacity is currently seven per cent, and by the end of this year it would be raised to 20 per cent,” the minister added.
– Ceylon Petroleum Corporation (CPC)