Sri Lanka to buy fuel from Indian Oil to tide over energy crisis

COLOMBO: Sri Lanka has decided to purchase petrol and diesel, 40,000 metric tonnes each, from the Indian Oil Corporation, according to a Cabinet note on Tuesday, as part of the government’s bid to tide over the current fuel and energy crisis faced by the island nation.
The move came weeks after Power Minister Gamini Lokuge said that Sri Lanka will hold talks with the Indian Oil Corporation’s local entity amidst a severe foreign exchange crisis.
The Lanka IOC, the Sri Lankan subsidiary of India’s oil major Indian Oil Corporation (IOC), has been in operation in Sri Lanka since 2002.
According to the Cabinet statement, the Ministry of Energy has discussed with the IOC to procure 40,000 metric tonnes of diesel and 40,000 metric tonnes of petrol.
“Accordingly, the Indian Oil Corporation has agreed to supply a shipment of 40,000 metric tonnes of diesel,” it said. The Cabinet of Ministers approved the proposal tabled by the Minister of Energy to take further measures to buy the Oil consignment.

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