Two Singapore companies get major fuel contracts

Friday, 17 March 2017 00:08 - - {{hitsCtrl.values.hits}}

Cabinet approves purchase of gas oil and gasoline for CPC for eight months

Putting an end to spot purchases, Cabinet has approved two Singaporean companies to import large consignments of gas oil and gasoline for the State-run Ceylon Petroleum Corporation (CPC).

The Cabinet paper submitted by Petroleum Resources Development Minister Chandima Weerakkody detailed that Swiss Singapore Overseas Enterprises Pte Ltd. and Gunvor Singapore Pte Ltd. have been given two term tenders for eight months from 1 March to 31 October 2017.

Swiss Singapore Overseas Enterprises, the lowest of eight bids, will supply 4.2 million barrels of gas oil (diesel) and Gunvor Singapore Pte Ltd., the lowest of five bids, 956,20 barrels of gasoline (petrol).

“Product quantities and the product combinations of the above two term tenders are based on the local demand for each product and the storage limitations within the country.

Approval has been granted by the Special Standing Cabinet Appointed Procurement Committee based on the Technical Evaluation Committee recommendation for the bid documents of sold two tenders,” the Cabinet paper said.

The tenders were called for in November and the CPC has been authorised to enter into agreements with the selected bidders after obtaining legal clearance.