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CITIBANK’S DEMAND FOR $192 M FROM CPC REJECTED

Aug 2, 2011 11:42:52 AM - itnnews.lk

A Singapore-based international arbitrator has voided an oil hedging deal between Sri Lanka’s state oil company and Citibank, rejecting the bank’s demand for $192 M Dollars. Minister Susil Premajayantha said that this ruling given by the Singapore

The Minister said that with regard to the hedging deal with Citibank, it had filed a case with an international arbitrator based in Singapore seeking the payment due from the Ceylon Petroleum Corporation (CPC). According to the decision the entirety of the transaction is not right and Citibank’s claim has been dismissed. However, at present they had been informed that the decision has been given in favour of the Petroleum Corporation.