IOC intersted in refinery in Sri Lanka
Lanka Indian Oil Corporation says it has expressed interest to get engaged in Sri Lanka’s oil refinery business, but adds that the government has not yet responded.
Speaking to News360.lk, the firm’s Managing Director Suresh Kumar said, “We have only expressed our interest, but still no response from the government”.
He also revealed that the firm still has not made any specific plans on how they are planning to get engaged in oil refining activities in the country.
Sri Lanka’s only refinery located in Sapugaskanda is able to refine 50,000 barrels of crude per day.
The country is still finding options to upgrade its sole refining facility in a bid to increase the daily refining capacity and also to have the option of refining variety of crude oil.
As of now, the plant is only able to refine Iranian crude oil and the Saudi Arabian light.
However, the US embargo on Iranian oil has resulted in the Sri Lanka government having to take steps to cut down oil imports from Iran.
The existing Refinery in Sapugaskanda built in 1969 is a Hydro-Skimming Refinery.
Sri Lanka over the years tried several options such as obtaining funds from Iran to upgrade and expand the plant, but none of the plans have worked out yet source-http://www.news360.lk
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