Sri Lanka Insurance Corp gets to renew petroleum cover

March 27, 2009 (LBO) - Sri Lanka Insurance Corporation (SLIC), part of the Distilleries group controlled by businessman Harry Jayawardena, has renewed its contract for insurance cover of a government fuel terminal for 120 million rupees.

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The facility consists of tank farms and pipelines to store and distribute petroleum product.

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The government said in a statement that the Cabinet of ministers had approved a proposal submitted by the Minister of Petroleum to renew the insurance cover of Ceylon Petroleum Storage Terminals Limited (CPSTL) provided by SLIC for the 2008/2009 year.

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The Ceylon Petroleum Storage Terminals is a common user facility jointly owned by the government Treasury, state-owned refiner Ceylon Petroleum Corp. and the local unit of Indian Oil Corp.