Sri Lanka is close to firming up a deal with Oil and Natural Gas Corporation (ONGC) in India, to import refined crude products under a US$ 150 mn credit line. Sri Lanka is close to firming up a deal with Oil and Natural Gas Corporation (ONGC) in India, to import refined crude products under a US$ 150 mn credit line.
Sri Lanka signed the agreement with India a few months ago to import refined products, mainly diesel, under the concessionary line of credit, to cut its hefty fuel bill.
The agreement is yet to kick in, with both parties still thrashing out the logistics. State owned Ceypetco will be appointed from this end to import the fuel.
Current country requirements for diesel are about 700,000 MT of diesel a year, of which Lanka Indian Oil Corporation imports about half, 200,000 MT of petrol and an equal amount of jet fuel.
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Sri Lanka imports its refined products on open tender from various countries. Its crude imports are from Saudi Arabia, Iran and Malaysia.
Skyrocketing global costs of crude has meant Sri Lanka’s fuel bill will hit about US$ 1.2 bn this year, over the US$ 800 mn of last year.
But officials from Ceypetco have v