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| Sunday, 26 September 2004 |
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Politics |  |
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No question of selling CPC - Amunugama by Rohan Mathes Finance Minister Dr. Sarath Amunugama blasted the media over the fabrication of news on the sale of Ceylon Petroleum Corporation (CPC). Minister Amunugama told the Sunday Observer that the whole story pertaining to the sale of CPC to an Indian Company "Maharath" was baseless. "This was a total fabrication and misinterpretation of facts. There is absolutely no question of selling the CPC here", he re-iterated. Amunugama explained that CEYPETCO, a Parliament-approved institution affiliated to the CPC had been established during the UNP regime. Around 300 petrol stations had been transferred to CEYPETCO by the CPC, and they were operating independently except on certain specific matters. CEYPETCO had around 100 stations which were managed by the old and traditional operators who were stooges of politicians and were generally corrupt and inefficient. Another 100 odd stations were sold to the Indian Oil Company (IOC) who are performing an excellent job, incorporating modernisation. The balance 100 odd stations were to be handed over to a Chinese Company SINOPEC. However, the UNP government fell and our government, for better security wanted to transfer only 49 per cent of the shares to SINOPEC, leaving 51 per cent with CEYPETCO. SINOPEC rejected the offer and withdrew from the deal. It was in this scenario that the new Indian player, "Maharath" came in and resulted in a chaotic situation. Certain sections of the media, "Divaina" in particular, erroneously and maliciously alleged that the CPC was to be sold. "If the CPC was sold on the basis of the new Indian Company "Maharath" coming-in to purchase the 100 stations as alleged, then based on that argument the CPC had been sold long ago by the UNP, when they sold around 100 stations to the IOC. But this did not happen. I can assure one and all that the CPC would not be sold" he re-iterated. However, Amunugama pointed out that he as Finance Minister had a serious problem of having to pump-in huge funds into the ailing CPC consistently in financial turmoil and bankruptcy. This cash-flow from the Treasury to resurrect the CPC 'Monster', was detrimental to the well-being of the country's economy and deprived more important development of the country. "This is my problem which I would like to be relieved the soonest", he said. Nevertheless, the Minister said that he would not be able to give an assurance in writing to the effect that the 'CPC would not be sold'. "We are still negotiating the matter", he added. |
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