Sri Lanka is in discussion with the Indian government for a 500 million US dollar credit line to buy fuel to and delay payments, President’s Secretary P B Jayasundera said.
Sri Lanka state-run Ceylon Petroleum Corporation owes nearly 3.3 billion US dollars to the two main state banks, almost equal to Sri Lanka’s current foreign exchange reserves over loans taken during periods when there was pressure on the currency.
The state oil distributors imports crude from the Middle East and refined products from other areas including Singapore. A unit of Indian Oil Corporation also imports and distributes refined oil.
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Sri Lanka state-run Ceylon Petroleum Corporation owes nearly 3.3 billion US dollars to the two main state banks, almost equal to Sri Lanka’s current foreign exchange reserves over loans taken during periods when there was pressure on the currency.
The state oil distributors imports crude from the Middle East and refined products from other areas including Singapore. A unit of Indian Oil Corporation also imports and distributes refined oil.
economynext
