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Thursday April 18th, 2024

Sri Lanka CEB to get 8-days of diesel for power generation: Minister

ECONOMYNEXT – Sri Lanka’s Ceylon Petroleum Corporation will give enough diesel to generate electricity for eight days from the latest shipment being unloaded, Energy Minister Udaya Gammanpila said.

A ship currently anchored off Sri Lanka is carrying 37,500 metric tonnes of fuel. The Central Bank has agreed to give foreign exchange for the ship.

“I have instructed the Ceylon Petroleum Corporation to give 10,000 tonnes to the Ceylon Electricity Board,” Minister Gammanpila told reporters.

“The CEB needs about 1,500 tonnes a day and this will be enough for 8 days.”

A 163MW combined cycle plant at the Kelanitissa is shut down. By around 2.30pm GT-7 (a 100MW gas turbine) is expected to run out of fuel.

Sources at the utility say if diesel deliveries happen during the day, one hour power cuts in the evening could be avoided.

The CPC had delivered 900 tonnes of furnace oil to CEB which has allowed it to operated a 50MW plant in Sapugaskande.

The CEB has suggested scheduled power cuts and the regulator approved them last week but it was suddenly abandoned, leading to unscheduled load shedding.

The CEB’s diesel and furnace oil needs unexpectedly went up after a 300 MW coal plant went down.

Minister Gammanpila said a diesel ship comes to Colombo about once a week and a petrol ship every 5 days. However there are foreign exchange shortages. (Colombo/Jan19/2021)

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Sri Lanka’s discussions with bondholders constructive: State finance minister

ECONOMYNEXT – Sri Lankan authorities continue to engage all debt restructuring negotiations in good faith, within principles of equitable treatment among creditors, and with maximum transparency within the norms of such negotiations, State Minister of Finance, Shehan Semasinghe has said.

“It is standard practice, when a representative group of bondholders is formed, to entertain confidential discussions with such group and its appointed advisors. In the case of Sri Lanka, the Ad Hoc Group of Bondholders represents holders controlling more than 50% of the bonds, which make them a privileged interlocutor for Sri Lanka,” Semasinghe said on X (twitter).

“It is well understood that given the price sensitive nature of the negotiations, and according to market regulations, discussions with the Group and its advisors are to be conducted under non-disclosure agreements. This evidently restricts the ability of the Government to unilaterally report about the substance of the discussions.

“The cleansing statement, which was issued on the 16th of April, at the conclusion of this first round of confidential discussions with members of the Group, aims at informing the Sri Lankan people, market participants and other stakeholders to this debt restructuring exercise, about the progress in negotiations. It provides the highest possible level of transparency within the internationally accepted practices in such circumstances.

“As informed in this statement, confidential discussions held in recent weeks with bondholders’ representatives proved constructive, building on the restructuring proposals presented by both parties. During the talks both sides successfully bridged a number of technical issues enabling important progress to be made. Sri Lanka articulated key remaining concerns that need to be addressed in a satisfactory manner.

“The next steps would entail further consultation with the IMF staff regarding assessments of the compatibility of the latest proposals with program parameters. Following these consultations, we hope to continue discussions with the bondholders with a view to reaching common ground ahead of the IMF board consideration of the second review of Sri Lanka’s EFF program.”

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Sri Lanka rupee weakens at 301.00/302.05 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 301.00/302.05 to the US dollar in the spot forex market on Tuesday, from 299.00/10 on Tuesday, dealers said. Bond yields were broadly steady.

A bond maturing on 15.12.2026 closed stable at 11.30/35 percent.

A bond maturing on 15.09.2027 closed at 11.90/12.05 percent up from 11.95/12.00 percent.

A bond maturing on 15.12.2028 closed at 12.10/20 percent down from 12.10/15 percent.

A bond maturing on 15.07.2029 closed at 12.25/40 percent.

A bond maturing on 15.03.2031 closed at 12.30/50 percent. (Colombo/Apr17/2024)

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Sri Lanka Treasury Bill yields down across maturities

ECONOMYNEXT – Sri Lanka’s Treasuries yields were down across maturities at Wednesday’s auction with the 3-month yield moving down 7 basis points to 10.03 percent, data from the state debt office showed.

The debt office sold all 30 billion rupees of 3-month bills offered.

The 6-month yield fell 5 basis points to 10.22 percent, with 25 billion rupees of bills offered and 29.98 billion rupees sold.

The 12-month yield dropped 4 basis points to 10.23 percent with 18.01 billion rupees of bills sold after offering 23 billion rupees. (Colombo/Apr17/2024)

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