Sri Lanka and Vietnam ink oil deals

Oct 14, 2011 (LBO) – Sri Lanka and Vietnam can expand trade and investment in petroleum, telecoms, agricultural machinery and fisheries, visiting Vietnam President Truong Tan Sang told a business forum in Colombo. Sri Lanka’s state-run Ceylon Petroleum Corporation also signed a deal on diesel trade with PetroVietnam’s Singapore arm.

President Sang said bilateral meetings would be held between deputy ministers of the two counties to expand co-operation in fisheries.

President Sang said the participants of the business forum organized by Sri Lanka’s Ceylon Chamber of Commerce had an opportunity to form links and expand trade and investment.

Ceylon Chamber chief Anura Ekayanayake said at a time when there was a downturn in developed nations, developing nations should increase trade in goods, service and increase investments to keep economies ticking.

“We can expand co-operation in the oil and gas, between Vietnam’s oil and gas industry and Sri Lanka,” President Sang said responding to questions from the forum.

Earlier in the day a memorandum of understanding was signed between Sri Lanka’s Presidential secretariat and Vietnam’s ministry of industry and trade. Sri Lanka’s petroleum exploration