The Iranian government has offered Sri Lanka the opportunity to purchase crude oil without opening Letters of Credit as a means of bypassing American sanctions on Iran, reported the Island.
Quoting the Iranian Ambassador to Sri Lanka, Mohammed Nabi Hassanipour, it was reported that the arrangement was part of a package proposed to Sri Lanka to overcome the embargoes imposed by "insensitive global policemen".
The Ambassador reportedly stated that the Ceylon Petroleum Company could write directly to the Iranian Embassy in Colombo with their purchase requirements, who would then forward the request to Tehran.
The offer came as Petroleum Industries Minister reassured the public that there would be no shortage of crude oil, as they were seeking imports from both Oman and Saudi Arabia.
The country’s only crude oil refinery has been shut down due to the lack of crude oil supply being imported into the country, after sanctions were placed on Sri Lanka’s largest supplier of crude oil, Iran.
Sri Lanka has reportedly stated that they will bring up the matter with the United Nations, the United States and the European Union, with the crisis said to be costing the country an estimated additional cost of US$ 1.2 billion for importing refined fuel.