- Last Update 2025-06-12 19:45:00
Sri Lanka begins oil procurement negotiations with Iran, India and China
Sri Lanka has started negotiations with Iran, India and China to purchase necessary requirement of fuel at present on a long term credit line deal.
Minister of Energy Udaya Gammanpila has already held discussions with the High Commissioners of India, China and India on the possibility of entering into a 6-month credit line deal to import crude oil and refined petroleum focusing attention on financial concerns arisen due to a dollar scarcity, Energy Ministry sources said.
According to Minister Gammanpila, a sum of US$2 billion is needed to procure fuel sufficient for six months.
The current negotiations are being carried out successfully; he said adding that although world oil prices are fluctuating at a slightly low level compared to earlier prices, the government is not in a position to reduce local fuel prices.
Meanwhile Treasury bonds amounting to Rs.56.66 billion had been issued to settle dues of Ceylon Petroleum Corporation recently (CPC), out of which Rs.25.21 billion and Rs.31.44 billion are due to mature on 01.01.2022 and 01.01.2032, respectively, a senior Treasury official said.
This will enable the CPC to get over Rs.56 billion and it has to repay it with interest before the bond maturity rate, he added. (BS)
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