The Sri Lankan government is trying to partly offset monies due to Indian Oil Corp’s local unit by offering assets, treasury bonds and cash, as fuel subsidy payments threaten to snowball to US$ 140 million by year end, officials said Friday. The Sri Lankan government is trying to partly offset monies due to Indian Oil Corp’s local unit by offering assets, treasury bonds and cash, as fuel subsidy payments threaten to snowball to US$ 140 million by year end, officials said Friday. Lanka IOC, a unit of India’s largest oil refiner, has so far borrowed US$ 71 million in short-term loans from local banks, as the Sri Lankan government owes US$ 61 million todate.
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LIOC’s overdue |