Petro Deal

Mar 31, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has struck a deal to import 500 million US dollars of petroleum products from Vietnam over the next six months, ambassador Ton Sinh Thanh said. Ambassador Thanh told an economic forum organized by the Institute of Policy Studies and the embassy of Vietnam that state-run PetroVietnam had signed a contract to supply refined petroleum products to Sri Lanka on Thursday.

Bilateral trade with Vietnam rose to 113 million US dollars from 93 million dollar a year earlier.

Following a visit by Vietnam President Truong Tan Sang to Sri Lanka in October 2011, the two countries set a target of a billion US dollars in trade.

Ambassador Thanh said the oil deal will help reach the trade target quicker than expected.