Petroleum Corporation Archives

Part 5: Errors of Judgement, IMF, and Potential Solutions to Avoid Bankruptcy -A candid study and an action plan Economic and social development for Sri Lanka – By Professor Sunil J. Wimalawansa Consequences of IMF loans: Under IMF-imposed policies, Sri Lanka has witnessed the dramatic deterioration of many local industries. Sri Lanka had sold off its profitable public sector enterprises such as the Tire Corporation, Sugar Corporation, Milk-food Corporation, Air Lanka (which used to be Sri Lanka’s national airline), Ceylon Transport Board, and textile factories at Tulhiriya and Veyangoda. Due to multiple reasons, the partnership of Air Lanka, Sri Lanka’s national airline with Emirates, miserably failed. It did not economically affect Emirates, but Sri Lankan airline went down the drain—our assets. It has been reported that these state-owned enterprises were sold to the local and foreign private sectors for a fraction of their value based on commissions earned. Subsequently, in ...

Miraculous Eco Tablet – By Dr Tilak S. Fernando There was much controversy about a tablet that was supposed to mix with petrol which would give an extra percentage of consumption over ten times, on 92 and 95 grades. An advertising Agency or Manufacturing company became quite popular with this innovative tablet. Consequently, almost every motorist was compelled to use this Eco tablet since the fuel prices went up to rocket levels. However, The Minister of Power and Energy introduced a QR- code system to obtain petrol from all filling stations, which reduced the mile-long queues where people had to wait in lines, sometimes overnight. Finally, Petroleum Corporation investigated the eco tablet at Sapugaaskanda and Kolonnawa laboratories adopting their methods and concluded that there was no difference in the octane ratings. This was quite contrary to what the marketing or the manufacturing company maintained. Initially, the advertising or manufacturing company ...