Cabinet has approved a proposal to purchase 450,000 barrels of crude oil from Terra Nevis Group in Cyprus to supply crude oil for the Sapugaskanda oil refinery.
The proposal made to supply crude oil under the 180-day loan scheme has been evaluated by the cabinet appointed Special Standing Procurement Committee and it is recommended to supply a 450,000 barrel shipment, the Government Information Department said.
Accordingly, the Cabinet of Ministers approved the proposal made by the Minister of Energy to procure crude oil in accordance with that recommendation.
The Government stated that ecessary steps have been taken to obtain crude oil for the Sapugaskanda Oil Refinery by July 2022.
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