Big oil talk in Colombo

• ADNOC explores supply and investment deals with Sri Lanka

Abu Dhabi National Oil Company (ADNOC), the state-owned oil giant of the United Arab Emirates (UAE), opened the door to deeper energy ties with Sri Lanka on Friday, holding high-level discussions with a delegation led by Energy Minister Kumara Jayakody at the Presidential Secretariat in Colombo.

The talks, also attended by Labour Minister and Economic Development Deputy Minister Prof. Anil Jayantha Fernando, focused on “identifying supply and investment prospects in the petroleum industry between the two nations and initiating groundwork for potential joint projects,” according to a statement from the President’s Media Division.

Sri Lanka relies entirely on imports to meet its crude oil needs and the recent forex shortages have intensified its search for long-term energy partners.

ADNOC supplies over four million barrels of oil per day and has customers across Asia and Europe. It is the world’s 12th largest oil company by production and is a central pillar of the UAE’s economy. The company operates the world’s largest integrated oil and gas infrastructure and is rapidly expanding its downstream and international portfolio to align with the global energy transitions.

As part of the discussions, the parties explored the possibility of swiftly forming a long-term agreement to supply crude oil to Sri Lanka at a reasonable price, improving the country’s oil refining capacity and strengthening Sri Lanka’s position in the regional petroleum market.

Also present were UAE Ambassador to Sri Lanka Khaled Nasser Al Ameri, ADNOC Senior Vice President Crude and Condensate Abdulla Al Qubaisi and other senior executives from the company, underlining the seriousness of the talks.

While no deals were announced, the presence of ADNOC’s top brass points to the potential for Colombo to secure critical energy partnerships at a time when it seeks to buffer its economy from global price volatility and reinvigorate investor confidence.