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CSC to buy oil tankers

AGREEMENT: SLPA Chairman Dileepa Wijesundera and CSC Chairman Dr. Krishan Deheragoda signing the agreement at the SLPA.

The Ceylon Shipping Corporation (CSC) will buy two oil tankers for import of oil for the Ceylon Petroleum Corporation.

They are planning to buy these vessels before middle of this year.

CSC Chairman Dr. Krishan Deheragoda told the Daily News that the CPC still depends on chartered vessels for oil imports and due to this the country loses foreign exchange.

These vessels could save money for the country, he added.

"We need to consider reasonable prices, capacity and right kind of vessels to meet our requirements to buy or lease these ships", he said.

The CSC has not allocated funds for the two new vessels but expects to go for a Commercial loan for the funds.

Without putting the burden on the Government to raise necessary funds for the vessels, the CSC will have a commercial loan. CSC will also enter into Memorandum of Understanding for ten years with CPC on their oil imports, he said.

The CSC had 20 vessels in the past and now they are having only two vessels.

One is a chartered vessel and other one is used to transport troops and goods. Our main aim is to increase number of vessels that we are having to be much more competitive in the liberalised industry like shipping, Deheragoda said.

For the first time in the history CSC also entered into MOU with the Sri Lanka Ports Authority (SLPA) to increase revenue for both parties recently.

Deheragoda said through this MOU CSC hopes to create a bridge to bring more containers from Indian sub continent and East West coast to the Colombo port. This will enable CSC to offer competitive feeder rates for the shipping companies and it will also increase revenue of CSC, he added.

SLPA Chairman , Dileepa Wijesundera said main objective of this MOU is to encourage feeder operations in the Colombo Port and bring more containers to the Port.

This will enable both parties to increase their revenue and SLPA will also provide necessary incentives to encourage this sector, he added.
(DN - 20060227)


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