Last year, Sri Lanka’s state-run Ceylon Petroleum Corp(Ceypetco) appealed against the ruling in favour of Standard Chartered, which went to court after the oil firm refused to make hedging payments to the bank.
“It has been reported that the order is against us,” the island nation’s Attorney General Palitha Fernando told Reuters. “First of all we have to see what the order was, then we are looking at (the) possibilities of appealing in the House of Lords.”
Oil Minister Susil Premajayantha said: “We are in consultation with the Attorney General’s department to appeal against the judgement.”
Ceypetco had refused to make hedging payments to five banks including Standard Chartered, Citigroup and Deutsche Bank .
The state oil company, which imported some 26 million barrels at a cost of $2 billion in 2007, needed to hedge its purchases of crude oil and refined products on the international market.
It was exposed to the record oil rally of 2008, when oil hit an all-time high above $147 a barrel for U.S. crude CLc1 in July, before crashing to less than $40 a barrel in December of that year.
Standard Chartered argued that Ceypetco had always been aware that a fall in oil prices would have made it liable to make payments to the UK-based bank. | 
Sri Lanka’s state-run oil company lost an appeal against a London court ruling which ordered it to pay nearly $162 million plus interest for non-payment of dues to Standard Chartered Bank linked to hedging deals, government officials said on Friday.
Parliamentarian Ravi Karunanayaka of Sri Lanka main opposition United National Party (UNP) said yesterday that the UNP turned down a request from a former terrorist to contest the Northern Provincial Council elections under the party. [
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The entire world was asking Sri Lanka to give into the terrorists and avoid confrontation with them, but we chose to trust in the strength and courage of the country’s youth, President Mahinda Rajapaksa said. [
Trade unions, opposition parties and civil society organizations are gearing up to hold a massive protest on the 21st against the electricity tariff hike and the performance of the government. [
Deputy leader of the Vavuniya Municipal council M.M.Rathan stated by lighting lamps in the Wellamulliwaikal and Karaiyan Mulliwaikal people paid their respect to civilians killed in the final stage of war in year 2009. [
Students of Jaffna University commemorated death anniversary of people killed in the Mulliwaikal war. [
A woman attempted to commit suicide by jumping into a well with her 3 children in Vavuniya this morning. [
Man who has married mother and daughter of same family arrested. [
International community continuously hold debates on genocide attacks carried out by the racist government against Tamil’s in SriLanka. [
There is little doubt that in 2009 the government of Sri Lanka pulled off one of the nastiest episodes of mass killing since the Rwandan genocide – and got away with it. Tens of thousands of civilians were massacred, with barely a trickle of Syria-like imagery emerging from the battle zone, The Australian reported. [