Ceylon Shipping Corporation (CSC) has entered into a Memorandum of Understanding with a reputed Greek shipping firm for a joint venture to transport petroleum products and supply ship fuel.

CSC, Sri Lanka's national shipping carrier expects to assist Ceylon Petroleum Corporation (CPC) by forming this joint venture in oil transportation through this new agreement. 
 
The MoU was signed with Pyrros Vardinoyannis, scion of one of Greece's well-known shipping families with interests in shipping as well as petroleum. 
 
The joint venture has tentatively been named CSC Kandia. 
 
"We have signed a kind of pre-incorporation agreement outlining the objectives of the joint venture," a spokesman for the CSC said.
"The Greek party will provide a vessel, either their own or chartered, and invest along with the CSC, he added. 
 
The official said the joint venture is aiming to bid for a tender from the Ceylon Petroleum Corporation, the state oil refiner, for a long-term transport contract to ship petroleum products.
 
The CPC wants to go for long-term freight contracts to reduce costs and to be able to ship bigger parcels, officials said.
 
The company belongs to one of Greece's close-knit shipping clans that are connected to each other and have considerable influence in the maritime world.

(Courtesy : Department of Information Sri Lanka )