Oil tanker delay charges cost Sri Lanka US $1bn: Min. Weerakkoddy

Oil tanker delay charges cost Sri Lanka US $1bn: Min. Weerakkoddy

Oil tanker delay charges cost Sri Lanka US $1bn: Min. Weerakkoddy

Written by Keshala Dias

26 Nov, 2016 | 3:31 pm

Minister of Petroleum Resource Development Chandima Weerakkody said, over one billion U.S. dollars has been spent to pay off delay charges of oil tankers during the past two years.

The Minister added that delays for a single vessel costs a sum between 10 and 16 million U.S. dollars.

Minister Chandima Weerakkody said that in light of this the construction of a new pipeline to transport oil has been expedited.

He added that tenders for the project have been called from Russia, China, Malaysia and America, and that the time period for submitting these tenders will expire on the 1st of next month.

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