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 center 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 Sri Lanka Mahaweli Authority for the project. The new facility is expected to expand 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 energy security of the country. CPC currently imports refined petroleum products to cater to, approximately, 70% of the country’s demand via the Colombo port and suburbs. CPC has identified the need to increase its fuel storage capacity to cater to at least three months of the country’s demand.
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