Sri Lanka will ink a Memorandum of Understanding (MoU) with Iran tomorrow (Sept 18), as it seeks to settle its USD 250 million fuel payment dues by means of exporting tea.
The agreement would be signed between the Iranian government, Ministry of Plantation Industries, Ministry of Petroleum Resources Development, and the Sri Lanka Tea Board.
Accordingly, Sri Lanka expects to export tea to the value of its dues throughout a period of around two-and-a-half years, J.A. Ranjith, Secretary to the Ministry of Plantation Industries said.
Mr. Ranjith explained that Sri Lanka has been unable to pay off its dues or purchase fuel from Iran due to US sanctions which are in effect.
Accordingly, he noted that the Petroleum Ministry would provide Rs 5 million to the Tea Board in order to export tea equivalent to that amount every month.
The Tea Board would choose five exporters to engage in the business.
(Reporting by Damith Wickramasekara)
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