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The Minister of Petroleum Industry says the Ceylon Petroleum Corporation gained from the court verdict of hedging deal. |
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Friday, 30 December 2011 12:39 |
Minister of Petroleum Industry Susil Premajayantha says the Ceylon Petroleum Corporation could pay the court bills without a loss due to the court verdict of hedging deal. A barrel of oil was increased rapidly with the 2008 world economic recession.
As a security measure agreements were signed with banks to face the situation prevailed at that time. But oil prices were declined unexpectedly . The minister told that some banks requested money from the Ceylon Petroleum Corporation in this condition. The matter was directed to a committee work on matters related to trade agreements. Representatives of the Ceylon Petroleum Corporation and the Bank of Ceylon were presented to give evidence, when the committee met in Singapore.
Participating in a programme of the SLBC this morning the minister said, 2.8 billion rupees were given to the CPC with the hedging verdict. |
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