This was highlighted at the bilateral talks between United Arab Emirates’ Ambassador to Sri Lanka Sheikh Ahmed Ali Hamad Al Mualla and the Minister of Energy Udaya Gammanpila recently focusing attention on this matter arisen due to dollar scarcity.
Preliminary discussions on the modalities of long term oil credit line took place between Minister Gammanpila and Acting head of the UAE mission Saif Yusuf on Monday, Energy ministry sources said.
The meeting focused on how Sri Lanka proceeds with the import crude oil directly from the UAE on concessionary terms amidst the dollar shortage.
In addition, the two parties agreed to sign a Memorandum of Understanding between the two countries to enhance energy cooperation.
Minister Gammanpila in a twitter message stated that currently there was no shortage of fuel and all measures have been made to arrange the arrival of oil shipments placing orders with international suppliers awarding long term contracts. .
The cash strapped Ceylon Petroleum Corporation (CPC) has awarded a long term contract to M/s Conscio Limited, Nigeria to import Murban Crude Oil for nine months after receiving cabinet approval recently.
Oasis Enterprises (Pvt) Ltd. of Singapore has been awarded another long term contract to supply 92 octane petrol while Petro China Company in Singapore has been given a contract to supply 92 octane petrol, super diesel and diesel for a period of eight months.
Normally when purchasing fuel, 300,000 barrels of fuel are imported in bulk stock while shipping charges are evenly distributed over the 300,000 barrels.
However, as the short term tender is being limited to just 170,000 barrels, it could lead to higher fuel prices as the shipping charges are distributed among a lesser number of barrels, petroleum industry sources said.
In the case of long-term tenders, it takes two weeks to submit a bid and one month to import the oil stocks.However; the short-term tender has been given 05 days to bid and 15 days to import 92 octane petrol. (BS)
The Judicial Service Commission (JSC) has interdicted Colombo Fort Magistrate Kosala Senadheera.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
The deadline for online applications to the 2024 G.C.E. Advanced Level (A/L) Examination has been extended until July 12, the Department of Examinations said.
Gazette on new speed limit regulations to be issued within two weeks
Cabinet has approved a proposed amendment to the Constitution that a referendum would be required to extend the Presidential and Parliamentary term beyond five years.
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