Discussions underway to obtain USD 500M loan from India for importing refined fuel

Discussions underway to obtain USD 500M loan from India for importing refined fuel

Discussions underway to obtain USD 500M loan from India for importing refined fuel

Written by Amani Nilar

21 Nov, 2021 | 1:02 pm

COLOMBO (News 1st); Preliminary discussions have commenced with regard to a loan to be obtained from India for the importation of refined fuel, says the Ministry of Energy.

According to the Ministry of Energy, discussions are underway to obtain a loan of US $ 500 million.

Secretary to the Ministry of Finance, K.D.R. Volga stated that preliminary discussions regarding the loan have been already been completed by the Ministry of Finance.

The Secretary to the Ministry further stated that discussions have been underway with the Government of India for about 3 months to obtain the relevant loan.

Meanwhile, the Ministry of Energy added that steps are being taken to resume operations at the Sapugaskanda Oil Refinery soon, which currently remains closed.

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