SriLanka: Government Transfers Petrol Retail Network to CPC

The Treasury held third player shares, comprising 107 petrol stations registered under Modern Petroleum Marketers Limited and a one third share of Ceylon Petroleum Storage Terminal Limited(CPSTL), have been transferred back to the Ceylon Petroleum Corporation(CPC), with effect from January 1, 2009.

Media Minister Anura Priyadharshana Yapa, addressing the Cabinet press briefing at the Information Department, said that the transfer follows Cabinet approval to a Memorandum submitted by Petroleum Resources Development Minister A.H.M. Fowzie.

The CPC, has been authorized to invest and develop the third player stations in par with improvements carried out on its own service stations, he said. "It is also required to absorb all CPSTL employees to the CPC, on the basis that CPSTL reimburses the wages of the employees who would be used for CPSTL work."

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