News
Loss of vital byproducts of refinery having devastating impact on other sectors: FSP
By Rathindra Kuruwita
Byproducts of the Sapugaskanda oil refinery such as furnace oil, jet fuel, kerosene and naphtha are vital for many Sri Lankan industries and its shutdown will have a devastating impact on various sectors, Frontline Socialist Party’s (FSP) Education Secretary, Pubudu Jayagoda says.
Jayagoda said Minister of Energy Udaya Gammanpila had stated that importing refined petrol and diesel was much more economical than purchasing crude oil.
“We do not have crude oil because the country doesn’t have dollars. The CPC floated over five tenders and there were no international sellers who wanted to supply us crude. In fact, sellers had not responded to the coal tenders floated by Sri Lanka and this might lead to a power shortage at the beginning of next year,” he said.
The Ceylon Electricity Board (CEB) has been able to generate a significant portion of electricity with hydropower because of heavy rains, he said adding that by January 2022, the people might have to experience several hours of power cuts, Jayagoda said.
“Sri Lanka spent a significant amount of money on oil imports. In 2019, when a barrel of crude oil was selling at around USD 69, we spent about USD 3.67 billion to import oil. In 2020, we spent about USD 2.32 billion because the price of a barrel of crude oil dropped to about USD 45. Right now the price of a barrel of crude oil is about USD 80, and we will spend about USD 4 billion this year. There are some who believe that the price of a barrel will go up to USD 120 by the end of 2022,” he said.
Jayagoda added that while Sri Lanka had no control over world crude oil prices, there were several ways that the CPC could improve the situation through long-term planning. In 2020, there was a significant drop in oil prices and Sri Lanka could have kept a buffer stock, he said. There are oil storage tanks in Muthurajawela and Trincomalee. However, instead of renovating the tanks in Trincomalee, the government is planning to sell them, he said.
“Fifteen oil tanks in Trincomalee have been given to Indian Oil Corporation (IOC) on lease. However, the agreement expires at the end of the year, and we can take them back. However, the government not only plans to give them back to the IOC, but they are planning to place over 70 tanks under a company that India has a majority stake in. An understanding was reached on this during the recent visit by the Indian Foreign Secretary. The ‘talks’ were so successful that the Indian delegation took some photos opposite the tanks,” Jayagoda said.
The FSP Education Secretary said that the Sapugaskanda Oil Refinery had not been expanded since its inception. Even without any funds to develop its infrastructure, the refinery played a significant role in supporting many industries, he said.
“So, around 60% are byproducts of refining are furnace oil, black oil, jet fuel, kerosene and naphtha. The CPC makes a lot of money by selling them. By mid-1990s, the CPC had been able to pay for its crude oil imports by selling the byproducts. However, successive governments have ruined this sources income. The fact that the CPC still makes money from them shows that there are cash cows,” he said.
Jayagoda said that ultimately the government would end up spending more dollars importing furnace oil, jet fuel, kerosene, and naphtha. This is akin to the disaster created by banning the import of urea, he said. Although the government saved some money by bringing a halt to import of urea, it spent a large amount of dollars importing compost, potassium, and nitrogen.
“A number of state and private companies depend on the byproducts of refining. Earlier the CEB bought black and furnace oil from the CPC. Now, it’s planning to import them. We will probably do the same with kerosene, naphtha and jet fuel. The question is whether we have dollars? If the CEB can’t purchase these products that will affect the production of 200 MWs of electricity,” Jagoda said.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
