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By Chamitha Kuruppu

Of the 22 companies which have submitted Expressions of Interest (EOI) to enter the petroleum sector as the third player at least 19 bidders are expected to present business proposals on October 21, a spokesman for the Public Enterprise Reforms Commission (PERC) told the Daily News yesterday.

They said that most of the bidders have already visited the sites and the remaining parties are also expected to do so within the next couple of weeks.

Meanwhile, PERC Chairman Chrishantha Perera said that the technical and financial evaluation in order to short list the bidders to enter the next round of the process will be a 'strict one'.

According to PERC in response to the government's efforts to liberalise the petroleum sector over 40 companies had made inquiries and 22 had submitted Expressions of Interest from interested parties, which includes local, regional and global players to enter the petroleum market.

The successful bidder will operate nearly 100 filling stations owned by Ceylon Petroleum Corporation and a one third-stake in a separate terminal company, which will jointly hold storage, transport and distribution infrastructure.

According to PERC a third of the company's equity will be taken up by Ceypetco, while another equal share will be transferred to Indian Oil that entered Sri Lanka's petroleum market mid last year. The selected third player will take up the other one-third along with 100 filling stations.

Caltex Ceylon Limited, Shell Overseas Investments, Petronas, Total France, Mc Larence Lubricants Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited and Emrat(Emirates General Petroleum Corporation) are among the short listed parties.

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