The Sri Lankan state-owned Ceylon Petroleum Corporation is set to purchase refined crude oil from Singapore’s PetroChina International, after a deal received cabinet approval.
The six-month tender looks set to last from December 2012 until May 2013, with Sri Lanka receiving 180 days credit.
See the report from Lanka Business Online here.
Sri Lanka has been under increasing pressure to purchase fuel from frequently used sources, after sanctions on Iran, the country’s previous highest seller. With the island’s sole fuel refinery only able to process Iranian crude oil, Sri Lanka has also been forced into purchasing oil that has been already refined from multiple sources.
See our earlier post:
Sri Lanka looks to Singapore for fuel supplies (12 November 2012)
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