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Nov 02, 2012 (LBO) - Sri Lanka's state-run Ceylon Petroleum Corporation has lost a 60 million dollar arbitration claim over oil derivatives against Deutsche Bank, a media report said.
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Reuters a news agency said a US based arbitrator has rule in favour of Deutsche Bank.


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"It's against us," the agency quoted Sri Lanka's Attorney General Palitha Fernando as saying "Now we are considering what actions to be taken to annul this.
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A British court has also ruled against CPC in a case brought by Standard Chartered Bank, but the petroleum utility won an arbitration case in Singapore brought by Citi group.

CPC is bought into a complex options based contract with heavy downside risk to resist global price increases and manipulate oil prices at home.

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Oil and power price manipulations drove the country into a balance of payments crisis in 2011/2012 and on several earlier occasions.

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