Crude oil to be purchased on credit for 180 days

25 December 2021 08:59 am - 7 - {{hitsCtrl.values.hits}}

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The Ceylon Petroleum Corporation (CPC) has secured a steady supply of crude oil on credit from a supplier in Singapore for 180 days, Daily Mirror learns. Six consignments of crude oil will arrive in the country under this facility – one for each month on credit for 30 days.

A top official of the CPC said the first consignment will arrive in the country on January 23 or 24 under this facility.

The government is currently facing a foreign exchange crisis making it difficult to find the funds required to import fuel. Sri Lanka needs around US $ 360 million for the monthly import of fuel. The foreign exchange reserves have dropped to nearly US $ 1.5 billion at the moment.

Earlier, Energy Minister Udaya Gammanpila said there would be a steady supply of crude oil commencing from January 23, and the need to shut down the Sapugaskanda oil refinery would not arise.(Kelum Bandara)

Comments - 7

Jude Saturday, 25 December 2021 09:12 AM

After 180 days up, then what are you gonna do!??? Huh!!

Jude Saturday, 25 December 2021 09:17 AM

For sure SL government must be paying More than the market price for the crude oil!! Yeah!!

Kikazaru Saturday, 25 December 2021 09:18 AM

Just buying time. It is not coming free. We still got to pay for it.

Morning pila Saturday, 25 December 2021 10:32 AM

Udaya may have gone on a joy trip to Singapore too after he failed earlier and only enjoyed a holiday on a tour of the M.E. countries ?

Mevan Saturday, 25 December 2021 11:24 AM

This with the indian 500 million usd credit grant?

Mahesh Sunday, 26 December 2021 08:51 AM

but so far minister has failed to secure a deal. Probably this is the next lie after Nigeria drama.

Murugesu Sunday, 26 December 2021 02:56 PM

Within six months we have to find any country supply free crude oil ,or sell part of the country to buy crude oil.

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Crude oil to be purchased on credit for 180 days

Comments - 7

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