A massive programme is being launched to use modern technology in the oil refining process to increase production. Minister Susil Premajayanth said that modern technology will be used in the new refinery that is being constructed.
The Minister said that 38 percent of the oil produced at present is crude oil, used in the power sector. Only 20 percent of diesel and 18 percent of petrol is being manufactured at present as the technology of the 1960s is still being used. Production at the new refinery will be increased with the use of modern technology, with which 95 percent of petrol and diesel can be manufactured. He said the 38 percent of crude oil produced at present can also be transformed into petrol and diesel. Through this process 300 million dollars can be saved annually. The capital spent on the project can be saved in five years. The Minster stressed that this Government is making such changes which have not been considered by any other Government.