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Cabinet approves proposal to get oil from IOC

01 Feb, 2022

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Cabinet has approved a proposal to procure oil from Indian Oil Corporation Limited?(IOC).

The Ministry of Energy had discussed with Indian Oil to procure 40,000 metric tons of diesel and 40,000 metric tons of petrol.

Accordingly, the Indian Oil agreed to supply a shipment of 40,000 metric tons of diesel to Sri Lanka.

The Cabinet of Ministers approved the proposal tabled by the Minister of Energy to take further measures to procure the oil.

Meanwhile, Cabinet has also approved a proposal to obtain crude oil for the Sapugaskanda Oil Refinery by July 2022.

An uninvited proposal has been made by the Terra Nevis Group in Cyprus to supply the crude oil required for the refinery.

The proposal was made to supply crude oil under a 180 day loan scheme.

The proposal has been evaluated by the Cabinet appointed Special Standing Procurement Committee.

Accordingly the Cabinet approved the proposal made by the Minister of Energy to procure crude oil in accordance with the recommendation. (Colombo Gazette)

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