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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's Ceypetco restarts refinery after planned shutdown

Sri Lanka's Ceypetco restarts refinery after planned shutdown

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Aug 10 (Reuters) Sri Lanka's Ceylon Petroleum Corp (Ceypetco) restarted production at its sole 50,000-barrel-per-day Sapugaskanda refinery on the outskirts of Colombo on Wednesday, industry sources said on Friday.

The refinery was shut on July 2 for planned maintenance, prompting the company to seek additional oil products to plug the supply shortfall.

A few of the refinery's secondary units are still in the process of being re-started, with all units expected to be fully up by Aug. 13, one of the sources said.

The additional capacity combined with the onset of the monsoon season is expected to reduce diesel demand from Sri Lanka in coming months, traders said.

Separately, the company has yet to award a prompt diesel cargo it was seeking for delivery on Aug. 11 in a tender that closed on Aug. 7. The tender is expected to be cancelled, one of the sources said, although the reason is unclear.

Read More:: Reuters (Source)
http://www.lankapage.com/NewsFiles/Aug10_1344605112.php

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