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Letter of Credit opened in relation to Shipment of Gasoline

A Letter of Credit with 30 days credit period was established through the People's Bank in relation to the subject shipment of petrol. On account of the non-performance by the respective Supplier, the Letter of Credit established likewise is null and void. The proceeds earmarked for payment of said LC is intact and will be utilised for future fuel purchases.

Confirms a Senior Finance Officer of CPC.