The CPC wants to go for long-term freight contracts to reduce costs and be able to ship bigger parcels, officials said.
The CSC official said the joint venture is also eyeing opportunities to do bunkering in Colombo, south Asia's transhipment hub.
Bunker prices in Colombo are among the highest in the region and there is scope for more competition, officials said.
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The Vardinoyannis family network includes shipping and petroleum refining as well as sports.
It is one of Greece's close-knit shipping clans that are connected to each other and have considerable influence in the maritime world.
"We have signed an MoU (Memorandum of Understanding) to see if we can form a joint venture company to go for oil transportation, particularly for CPC (Ceylon Petroleum Corporation) and also to do bunkering in Colombo," a senior company official said.
The MoU was signed with Pyrros Vardinoyannis, scion of one of Greece's well-known shipping families with interests in shipping as well as pe