450,000 barrels of crude oil to be purchased from Terra Nova Group

COLOMBO (News 1st); The Cabinet of Ministers has taken the necessary steps to obtain crude oil for the Sapugaskanda Oil Refinery by July 2022.

Accordingly, a proposal has been made to the Terra Nevis Group in Cyprus to supply the crude oil required for the refinery under the 180-day loan scheme.

A Cabinet-appointed Special Standing Procurement Committee has evaluated and has recommended supplying a 450,000 barrel shipment of crude oil. 

Meanwhile, the Ministry of Energy has discussed with the Indian Oil Company to procure 40,000 metric tons of diesel and 40,000 metric tons of petrol, and the Indian Oil Company has agreed to supply a shipment of 40,000 metric tons of diesel.

As per the Cabinet of Ministers approval, the proposal tabled by the Minister of Energy to take further measures to buy the said Oil Consignment will be taken.