Foreign
SRI Lanka’s cabinet of ministers has approved a proposal to allow companies from oil-producing nations to import oil and start retail operations in Sri Lanka.
According to a statement released by the Department of Government Information, the proposal was tabled by Minister of Power and Energy, Kanchana Wijesekera.
The statement said that at present, 90 per cent of Sri Lanka’s fuel supply was through the Ceylon Petroleum Corporation, and the remaining 10 per cent by Lanka IOC, and it was obvious that several other companies must get involved in fuel distribution in the country.
“Given the severe foreign exchange crisis faced by Sri Lanka, the government believes that entering into agreements with foreign companies which can use their own funding to import fuel will be a solution to fuel shortages,’’ the information department said.
Sri Lanka had been facing crippling fuel shortages and prices of fuel had increased four times so far this year. (Xinhua/NAN)
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Tags: Ceylon Petroleum Corporation Kanchana Wijesekera Lanka IOC
