Ven. Rathana Thera to submit two draft bills to Parliament | Daily News
Establishment of Natural Gas Regulatory Board and Hydrocarbon Fund

Ven. Rathana Thera to submit two draft bills to Parliament

Parliamentarian Ven. Athuraliye Rathana Thera yesterday said that he plans to submit two draft bills to Parliament for the setting up of Natural Gas Regulatory Board and for the establishment of a Hydrocarbon Fund.

Addressing the media yesterday at Sadaham Sevana, Ven.Rathana Thera said that the purpose of establishing a Natural Gas Regulatory Board is to regulate the importS, refining, processing, storage, transportation, distribution, marketing and sale of natural gas, liquefied gas and compressed natural gas excluding production of natural gas to protect the interests of consumers and entities engaged in specified activities relating to natural gas and compressed natural gas.

It will also ensure an uninterrupted and adequate supply of natural gas, liquefied natural gas and compressed natural gas in all parts of the country and to promote competitive markets and for matters connected therewith or incidental there to repeal certain provisions of the Ceylon Petroleum Corporation Act No 28 of 1961.

The Hydrocarbon Fund will transform depletable hydrocarbon reserves located in Sri Lankan ocean into financial assets generating perpetual income for current and future generations. It will also finance strategically important infrastructure and social projects on a national scale. The Hydrocarbon Fund will also ensure the representation of the country in international agreements on joint exploration of natural resources.


 

Add new comment