fbpx
Saturday, June 3, 2023
Lanka Sara
  • සිංහලසිංහල
  • Home
  • News
  • Politics
  • Social
  • Sci & Tech
  • Life
    • Travel
  • Arts
  • Sports
  • Biz & Economy
  • About Us
No Result
View All Result
Lanka Sara
  • Home
  • News
  • Politics
  • Social
  • Sci & Tech
  • Life
    • Travel
  • Arts
  • Sports
  • Biz & Economy
  • About Us
  • සිංහලසිංහල
Lanka Sara
No Result
View All Result
Home Biz & Economy

The petroleum corporation indulges in a messy Crude oil deal and seeks fresh Cabinet approval to sign a tripartite agreement!

by Lanka Sara Editor
May 2, 2023 - Updated On May 3, 2023
in Biz & Economy, News
432 18
Share on FacebookShare on Twitter

The company that was awarded the tender to supply crude oil to Sri Lanka for a period of four months has failed to supply the consignment as contracted.

However, it has moved to supply crude oil through a third party without any permission whatsoever, and the Ceylon Petroleum Corporation, with no covering approval, has unloaded the stock, allegedly violating all accepted guidelines.

The unloading of this stock has been carried out despite objections raised by the Attorney General and the Cabinet-appointed procurement committee.

In the meantime, the Ministry of Energy is making an attempt to change the procurement agreement and has sought the approval of the Cabinet of Ministers to change the original agreement to a tripartite agreement.

Highly placed sources disclosed that, on December 19, 2022, the Cabinet approved three shipments of Russian crude oil to Coral Energy DMCC of the United Arab Emirates for a period of 4 months from January 1, 2023, to April 30, 2023.

RelatedPosts

Sri Lanka Set to Launch Climate Change University, Leading Global Efforts in Research

The magistrate orders a speedy investigation into the death of Sudharma’s housemaid.

Stay Safe in Hot Weather During Poson: Expert Advice for Pilgrims

Accordingly, the first crude oil shipment was scheduled to arrive on March 6 and 7, as per the agreement, but the ship apparently delayed the arrival till March 25, deviating from the original date as per the agreement.

However, the crude oil consignment was not provided by the company to which the tender was awarded but by another company called Pontus Trading in Dubai.

The company in question has no legal authority to supply petroleum to Sri Lanka, and the authorities have pointed out that it was illegal to obtain crude oil supply from a third party outside the original agreement, but the recipient, Ceylon Petroleum Corporation, highlighting the needs such as the shortage of oil in the Sapugaskanda oil refinery and an imminent fuel crisis in the country, has directed the consignment of oil to its storage tanks.

However, two or three days before the arrival of the ship, Coral Energy Company, which secured the tender to supply crude oil stock, requested that the relevant authorities approve the supply of crude oil by Pontus Company. However, this has not been approved so far due to possible legal snags in the process.

The procurement committee appointed by the Cabinet has vehemently objected to the supply of crude oil by a company other than Coral Energy Company of the United Arab Emirates, the bidder who won the tender.

The Attorney General has also opined that the procurement committee does not have any authority to grant approval for such shipments.

Accordingly, the Special Procurement Committee appointed by the Cabinet has emphasized that it cannot approve the purchase of supplies from other parties unrelated to the tender apart from the original company approved by it.

Also, it is reported that this Special Standing Procurement Committee has emphasized to the Petroleum Corporation that it has to adhere to the norms and exercise extreme caution in the management of procurement contracts, and utmost care should be taken in drafting the tender conditions so as to avoid operational disruption in contract management.

In the present circumstances, the petroleum corporation has requested the approval of the Cabinet of Ministers to sign a tripartite agreement with the company that supplied the crude oil to Sri Lanka and the company that was initially awarded the tender, subject to the opinion of the Attorney General.

Tags: LatestSri Lanka
Share71Tweet45
Previous Post

Dr. Shashikant Seth the Indian touch healer who treated Sri Lanka as his second home

Next Post

Banking sector stability is critical to the national interest, says the Bankers Association

Related Posts

Climate-Change-and-Green-Growth-University-Launch-Briefing
News

Sri Lanka Set to Launch Climate Change University, Leading Global Efforts in Research

June 2, 2023
News

The magistrate orders a speedy investigation into the death of Sudharma’s housemaid.

June 2, 2023
News

Stay Safe in Hot Weather During Poson: Expert Advice for Pilgrims

June 2, 2023
Next Post
Banking sector stability is critical to the national interest, says the Bankers Association

Banking sector stability is critical to the national interest, says the Bankers Association

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result

Latest News

Climate-Change-and-Green-Growth-University-Launch-Briefing

Sri Lanka Set to Launch Climate Change University, Leading Global Efforts in Research

by Lankasara Editor English
June 2, 2023
0

President Ranil Wickramasinghe reveals plans to spearhead the establishment of the...

The magistrate orders a speedy investigation into the death of Sudharma’s housemaid.

by Lanka Sara Editor
June 2, 2023
0

The Colombo Chief Magistrate's Court ordered a speedy investigation into the...

Stay Safe in Hot Weather During Poson: Expert Advice for Pilgrims

by Lankasara Editor English
June 2, 2023
0

Adults, children, pregnant mothers and people suffering from non-communicable diseases who...

MEPA retains two PCs to assist the AG

by Lanka Sara Editor
June 2, 2023
0

The Sri Lanka Marine Environmental Protection Authority has retained two President's...

More flights between Jaffna and Chennai are being scheduled to cater to the increasing demand.

by Lanka Sara Editor
June 2, 2023
0

Indian airline companies have increased the number of flights operating between...

Sri Lanka Airlines

Sri Lankan Airlines Refutes False Claims Regarding Travel Mishap of Venerable Ajahn Brahm

by Lankasara Editor English
June 1, 2023
0

Sri Lankan Airlines has come forward to clarify the misinformation circulating...

Popular News

News

The magistrate orders a speedy investigation into the death of Sudharma’s housemaid.

by Lanka Sara Editor
June 2, 2023
0

The Colombo Chief Magistrate's Court ordered a speedy investigation into...

Read more
News

100,000 inferior anaesthetic injections have been distributed among government hospitals.

by Lanka Sara Editor
May 14, 2023 - Updated On May 15, 2023
0

  The Alliance of Medical Practitioners for Medical and Civil...

Read more
News

Did Police obtain a travel ban against Pastor Jerome after he fled?

by Lanka Sara Editor
May 16, 2023
0

Sri Lanka police have obtained an overseas travel ban against...

Read more

Tags

20A BASL Budget 2021 China CID Colombo Covid 19 Cricket Curfew Death Deaths Easter sunday attack Elections Galle Gampaha GMOA India Jaffna Latest latest news LTTE Mahara Prison Mannar Nishara Jayarathne Nishara Jayaratne Parliament Parliament Cluster PCR Peliyagoda Pillayan Police SJB Special Sri Lanka Sri Lanka Army Sri Lanka Navy Sri Lanka Police Sri Lanka Ports TNA Tourism UK UN UNHRC UNP Vaccine
Facebook Twitter Youtube Whatsapp Telegram RSS
Lanka Sara

We at Lankasara are dedicated around the clock to provide news and information close to the lives of Sri Lankans living in every corner of the world and also to those interested in Sri Lanka.

Recent News

  • Sri Lanka Set to Launch Climate Change University, Leading Global Efforts in Research
  • The magistrate orders a speedy investigation into the death of Sudharma’s housemaid.
  • Stay Safe in Hot Weather During Poson: Expert Advice for Pilgrims

Category

  • Arts
  • Biz & Economy
  • Culture
  • Environment
  • Health
  • Life
  • LPL
  • News
  • Politics
  • Sci & Tech
  • Social
  • Sports
  • Throwback
  • Travel

© 2020 - 2023 Lankasara.com.

No Result
View All Result
  • Home
  • News
  • Politics
  • Social
    • Culture
  • Sci & Tech
  • Life
  • Arts
  • Sports
    • LPL
  • Biz & Economy
  • About Us
  • සිංහල

© 2020 - 2023 Lankasara.com.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist