Serious Business

Sri Lanka President Chandrika Kumaratunga Tuesday set up a ministry to exploit the island nation’s petroleum potential and named herself as its minister, a government statement said. Sri Lanka President Chandrika Kumaratunga Tuesday set up a ministry to exploit the island nation’s petroleum potential and named herself as its minister, a government statement said. Kumaratunga’s office said she established the Petroleum Resources Development Ministry Tuesday and would handle the portfolio along with defence, education and media.

The move came amid plans by the government to allow foreign companies to prospect for oil along the island’s coastlines and territorial waters.

Sri Lanka currently imports all its oil requirements and despite low profile prospecting since 1970, the country has failed to find commercially exploitable oil reserves. – AFP