Ceylon Petroleum Corporation

Ceylon Petroleum Corporation
Company typeGovernment-owned corporation
IndustryOil and gas
Founded1962; 62 years ago (1962)
HeadquartersCEYPETCO House,
609 Dr Danister De Silva mawatha,
Colombo 9
,
Sri Lanka
Number of locations
Increase 1,302 (2019)
Area served
Sri Lanka
Key people
Mohamed Uvais Mohamed
(Chairman)
ProductsPetroleum
Natural gas
Motor fuel
Aviation fuel
Petrochemical
Lubricate
Production output
Increase 280,000 bbl/d (2021)[1]
RevenueDecrease Rs 531 billion (2020)[2]
Increase Rs 44 billion (2020)
Increase Rs 1 billion (2020)[2]
Total assetsDecrease Rs 349.69 billion (2020)[3]
Total equityNegative increase Rs −529 billion (2020)[2]
OwnerGovernment of Sri Lanka
Number of employees
Decrease 2,616 (2019)[3]
ParentMinistry of Petroleum Resources Development
SubsidiariesLitro Gas
Websiteceypetco.gov.lk

Ceylon Petroleum Corporation, commonly known as CEYPETCO (CPC), is a Sri Lankan oil and gas company. Established in 1962 and wholly owned by the Government of Sri Lanka, it is the largest oil company in Sri Lanka. It was formed in 1961 by nationalisation and expropriation of all private oil companies in Sri Lanka at the time of its formation.[4] It is under the ownership of Ministry of Petroleum Resources Development headquartered in Colombo. It is the largest government owned company in the country, with an operational profit of Rs. 33.9 billion for the financial year 2020.[5]

CPC provides a substantial source of income for the Sri Lanka government, with 30% of the government's budget dependent on the company's dividend. In December 2018, CPC became Sri Lanka's most loss government corporation of the second consecutive years, with a record loss of Rs. 326 billion at the end of 2018.[6]

  1. ^ "Asia Distillates Cash premiums extend rise, cracks rebound". Reuters. 2021-11-24. Retrieved 2021-12-10.
  2. ^ a b c "Ceylon Petroleum Corporation: What drives the losses?". www.dailymirror.lk. Retrieved 2021-12-10.
  3. ^ a b "2019 Annual Report" (PDF). Ceylon Petroleum Corporation. ceypetco.gov.lk. Retrieved 2020-11-25.
  4. ^ "Ceylon Petroleum Corporation". Archived from the original on 2011-08-06. Retrieved 2011-07-14.
  5. ^ "CPC makes Rs 33.9 B profit in 2020". CeylonToday. Retrieved 2021-12-10.
  6. ^ "Ceylon Petroleum Corporation: What drives the losses?". www.dailymirror.lk. Retrieved 2021-12-10.