Asia/Pacific News
Sri Lanka Plans Increased Fuel Storage at Hambantota Hub
Sri Lankan state energy company the Ceylon Petroleum Corporation (CPC) plans to increase the strategic petroleum reserves kept at Hambantota as part of the strategy of developing the port as a regional energy hub.
CPC has signed a memorandum of understanding with the Hambantota International Port Group to develop a separate storage terminal with facilities for both domestic and export operations about 15 kilometres from the port, connected by pipeline, it said in an emailed statement on Friday.
"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," the company said in the statement.
"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."
