KELUM BANDARA 
Reply To:
Name - Reply Comment
Govt. seeks to import low-cost fuel from UAE
The government is in the process of exploring the possibility of importing low-cost fuel from the United Arab Emirates (UAE) under a government-to-government deal, Daily Mirror learns.
President Anura Kumara Dissanayake who is currently on a visit to the UAE is expected to hold talks in this regard.
A similar proposal had been made to Sri Lanka in the past, but the then governments did not press for any initiative.
Such an oil purchasing deal is economically advantageous to Sri Lanka because the additional cost involved in the import of fuel through third parties can be saved.
The President departed from Sri Lanka on February 10 for a three-day official visit to the United Arab Emirates at the invitation of UAE President Mohamed bin Zayed Al Nahyan.
During this visit, President Dissanayake is scheduled to address the 2025 World Government Summit in Dubai.
Asked about the move for oil purchases, an Energy Ministry official confirmed that the government intends for such an agreement. However, he said more details could not be shared at this juncture.
The new government has taken steps to invest in the petroleum sector. Already, the government has signed an agreement with China’s Sinopec for a US $ 3.7 billion investment in Hambantota for an oil refinery.
Besides, the Cabinet, at its latest meeting, gave approval for the modernization of the Sapugaskanda oil refinery and to establish another refinery within the same premises.
The board of Ceylon Petroleum Corporation has given approval to call for expressions of interest to identify a suitable investment partner based on the feasibility study conducted in 2022.
Comments - 26
Recommended
You May Also Like
Trending
