Indian Oil Corp to supply 12-13 fuel cargoes to Sri Lanka
09 Mar 2022
2 Min Read
CW Team
The country's top refiner and fuel retailer, Indian Oil Corporation Limited (IOCL) told the media that it will supply 12-13 fuel cargoes to Sri Lanka to aid the island nation's energy crisis.
Over the next 4-5 months, IOC plans to supply gasoil, gasoline, and jet fuel to Sri Lanka.
The supplies will be made possible by a $500 million line of credit (LOC) extended to Sri Lanka by the Indian government for the purchase of fuels.
Sri Lanka signed a lease agreement with Lanka IOC, a local unit of Indian Oil Corp, to lease 75 oil tanks on Thursday, moving the island closer to securing a $500 million fuel credit line from India.
The agreement was signed ahead of Chinese Foreign Minister Wang Yi's visit to Colombo this weekend, as China vies for influence in Sri Lanka.
Sri Lanka is experiencing one of its worst financial crises in decades, with foreign exchange reserves dwindling and debt repayments totalling nearly $4.5 billion due in 2022, prompting it to look for new ways to bring in foreign exchange.
Sri Lanka had previously agreed to lease all 99 of its tank oil farms to India in 2003.
According to the new agreement, Lanka IOC will lease 14 tanks for 50 years, while Trinco Petroleum Terminal Pvt Ltd, a joint venture (JV) with the state-run Ceylon Petroleum Corporation (CPC), will develop 61 oil farms. The remaining 24 tanks will be used by CPC.
Since 1987, successive Indian and Sri Lankan governments have tried to split ownership and development of a World War II-era tank farm at Trincomalee, a strategically important harbour of the island's scenic east coast.
Sri Lanka is on a shipping route connecting Gulf oil exporters with Asian consumers, and Trincomalee was a vital Allied supply hub during World War Two.
Also read: Indian Oil Corp bags city gas licenses for nine potential GAs
The country's top refiner and fuel retailer, Indian Oil Corporation Limited (IOCL) told the media that it will supply 12-13 fuel cargoes to Sri Lanka to aid the island nation's energy crisis.
Over the next 4-5 months, IOC plans to supply gasoil, gasoline, and jet fuel to Sri Lanka.
The supplies will be made possible by a $500 million line of credit (LOC) extended to Sri Lanka by the Indian government for the purchase of fuels.
Sri Lanka signed a lease agreement with Lanka IOC, a local unit of Indian Oil Corp, to lease 75 oil tanks on Thursday, moving the island closer to securing a $500 million fuel credit line from India.
The agreement was signed ahead of Chinese Foreign Minister Wang Yi's visit to Colombo this weekend, as China vies for influence in Sri Lanka.
Sri Lanka is experiencing one of its worst financial crises in decades, with foreign exchange reserves dwindling and debt repayments totalling nearly $4.5 billion due in 2022, prompting it to look for new ways to bring in foreign exchange.
Sri Lanka had previously agreed to lease all 99 of its tank oil farms to India in 2003.
According to the new agreement, Lanka IOC will lease 14 tanks for 50 years, while Trinco Petroleum Terminal Pvt Ltd, a joint venture (JV) with the state-run Ceylon Petroleum Corporation (CPC), will develop 61 oil farms. The remaining 24 tanks will be used by CPC.
Since 1987, successive Indian and Sri Lankan governments have tried to split ownership and development of a World War II-era tank farm at Trincomalee, a strategically important harbour of the island's scenic east coast.
Sri Lanka is on a shipping route connecting Gulf oil exporters with Asian consumers, and Trincomalee was a vital Allied supply hub during World War Two.
Image Source
Also read: Indian Oil Corp bags city gas licenses for nine potential GAs
Next Story
unWOOD transforms plastic waste into durable wood alternative
unWOOD, a breakthrough innovation, is converting hard-to-recycle plastic waste into a durable alternative to natural wood. Developed through a proprietary process called Intelligent Compounding, unWOOD uses a Macro Molecular Fiber Matrix (MMFM) structure to replicate the strength, look, and feel of hardwood鈥攚ithout the environmental cost.Conceptualised by Dr Babu Padmanabhan, the material addresses key flaws in traditional plastic recycling by consuming minimal energy, using zero water, and generating no microplastics. 鈥淎ny application that introduces plastics into areas where it cannot be..
Next Story
H盲fele launches Matrix undermount runners range
H盲fele has introduced its new Matrix range of undermount runners, designed to enhance drawer motion across kitchens, wardrobes, bathroom units, and more.Available in four weight capacities and a wide range of lengths, the Matrix undermount runners support diverse drawer designs. The 40 kg and 60 kg variants feature synchronised technology for superior motion and drawer stability. All runners come with an integrated soft-close mechanism to ensure smooth and noiseless operation.This in-house range is ideal for kitchen cabinets, bed storage units, living room furniture and bathroom drawers, offe..
Next Story
India's first AI-integrated campus announced in Noida
Yashoda Hospital and Bhutani Infra have announced plans to develop India鈥檚 first fully AI-integrated mixed-use campus in Greater Noida West. The upcoming project will feature a hospital, retail spaces, offices, SOHOs, serviced apartments, and a hotel鈥攁ll operating within a self-learning, generative AI-powered ecosystem.The AI-first campus will integrate real-time data systems, predictive analytics, and adaptive infrastructure to offer personalised experiences across functions. From AI-enabled footfall tracking and dynamic energy optimisation to smart F&B and retail insights, the develo..
