Govt will not privatise CPC - Fowzie

BY RAJMI Manatunga

THE Government will not privatise the Ceylon Petroleum Corporation (CPC), Transport and Petroleum Resources Minister A.H.M. Fowzie assured.

The Minister who visited the Kolonnawa oil storage complex yesterday, said arrangements will be made to continue the CPC as a state entity in line with the Government's policy not to privatise important State-owned institutions.

"During the previous regime there were plans to sell the CPC to the private sector. As a first step, over 30 per cent of the corporations's shares were placed under the Treasury for enlisting. We will ensure that these shares are taken back and placed under the CPC," he said.

During the visit, Fowzie also inspected the security provided to the Kolonnawa oil storage and directed authorities to provide adequate security to the oil storage complex which came under a terrorist attack several years ago.