The Cabinet has granted approval to award long-term contracts for the purchase of diesel and crude oil to a company based in the United Arab Emirates (UAE).
The Government Information Department said that the contract has been granted to UAE-based Coral Energy DMCC.
Thereby, the agreement allows Sri Lanka to purchase diesel for a period of 08-months from 1st March- 31st october 2022.
Sri Lanka will be able to purchase crude oil for a period of 07-months from 1st June to 31st December 2022.
The agreement comes in the midst of a fuel crisis in Sri Lanka. The Government is unable to purchase the necessary fuel as a result of the existing Dollar crisis. (NewsWire)
