Archives

Signs of oil deposits in periphery - Minister Jayasuriya

by Rashomi Silva

Latest research conducted has revealed that there are signs of oil deposits in the periphery of the country. Steps will be taken in the immediate future to conduct research at a commercial level. This was revealed by the Minister of Power and Energy, Karu Jayasuriya on Tuesday at the Gold Medals presentation ceremony held in Colombo for Ceylon Petroleum Corporation (CPC) employees who have completed 25 years of service.

The Minister said if the research was successful, investors will be invited to carry out commercial operations, that will change the course of the country for the better and that will tremendously uplift the living standards of the people.

Minister Jayasuriya further said the world has changed to a great extent since the 70s. Countries which advocated a closed economy and believe in the monopoly of the government are embarking on privatisation as a means of providing a better service to the country. Former Communist and Socialist states such as Russia, Vietnam and China are now encouraging competition among the private sector.

The Minister emphasised on the importance of allowing the management to operate on its own without political interference.

The government should not only be involved in policy making but the implementation of policies in apolitical atmosphere. In Singapore, the port and national air Line are owned and managed by the government but due to the absence of political interference they have become very successful and profit earning organisations. Under the present regime there will not be political interferences, he assured.

There had been a loss of Rs. 20 billion last December, but today the CPC has again become a profit earning cooperation. The Minister thanked the workers for their commitment and effort. He requested them to work hard in the future.

CPC Chairman and Managing Director, Daham Wimalasena said that due to mismanagement and corruption, the CPC had to suffer great losses.In addition the CPC is overstaffed and the banks are refusing to grant loans to the corporation. The organisation had been in a very critical situation. The Chairman said it is important to have the cooperation and commitment of workers to overcome the difficult situation.

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries |

Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager