Olga stated: “The establishment of this proposed facility allows the petroleum product requirement to be distributed to the boundary areas, such as Ratnapura, from the Hambantota Port, which is expected to save almost Rs. 1 billion per year,” explaining the primary purpose behind the establishment of this refined petroleum product storage facility. Furthermore, she said that a preliminary study that was conducted with regard to the distribution cost reduction had demonstrated the need for such a storage facility. “If we (CPC) construct a tank farm, usually, the storage facility is maintained by the CPSTL (Ceylon Petroleum Storage Terminals Ltd.). The CPC signed a Memorandum of Understanding (MoU) with the Hambantota International Port Group (HIPG) in this regard last week.

Source: The Nation July 24, 2021 19:18 UTC