The Ceylon Petroleum Corporation was set up as a state enterprise by Act. No. 28 of 1961 in parliament and further amendments carried out subsequently. The main objectives of Ceylon Petroleum Corporation are the following:

“To carry on business as an importer, exporter, seller, supplier and distributor of Petroleum products. To carry on business of exploring for the exploiting, producing, and refining of Petroleum and to carry on any such business as may be incidental or conducive to the attainment of the objectives”