CPC to purchase crude oil from the US

The CPC is preparing to purchase crude oil from the US following tests locally and consultations with regard to US tariffs.

Its chairman D.J.A.S. de S. Rajakaruna said the tender procedure would begin next month.

The aim is to purchase two million metric tons within one year period at a cost of between 800 and 900 million US dollars.

Rajakaruna said that a competitive bidder would get the tender since shipping fees are high although WTI crude was cheaper than the world market rates.