Laugfs losses affect ETF and EPF; Oil stocks are sufficient until January

Laugfs Gas holds 17.28% of the capital of EPF and also has internal voting rights.

In the ETF, Laugfs has a 0.06% stake.

BoC & People’s Bank, at risk

Meanwhile, the Minister of Energy – Udaya Gammanpila informed the Minister of Finance Basil Rajapaksa that the current fuel stocks will only be sufficient until next January and if the Ministry of Finance does not allow an immediate increase in fuel prices. price or does not offer concessions, the Ceylon Petroleum Corporation (CPC) will face a huge problem.

Speaking to the media recently, Minister Gammanpila pointed out that the CCP is currently suffering a loss of Rs. 83 billion and urged the Minister of Finance to provide an immediate solution.

Recently the minister said it was his responsibility to prevent CPC from going bankrupt. However, if this happens, the Bank of Ceylon and the People’s Bank will also face a huge risk, as the CCP owes these two state banks the staggering sum of $ 3.6 billion.

Speaking about securing a US $ 3.6 billion line of credit for fuel from Oman, the minister said he did not know whether or not they would get this line of credit, which would allow a year of fuel supply at preferential rates, the minister said.

“If we get this line of credit, we should be able to weather this storm. Otherwise, I will ask the Cabinet to relieve me, “he said.


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Felix J. Dixon

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