ECONOMYNEXT – Sri Lanka cabinet has awarded a long term contract of importing diesel to United Arab Emirates-based Coral Energy DMCC Company for eight months through October this year, a government document said on Tuesday (15).
A special procurement standing committee has recommended to award the contract for Coral Energy DMCC to import of diesel
(maximum Sulphur percentage of 0.05) for a period of eight (08) months from March 1 to October 31 this year, the government said.
The island nation has been struggling to import fuel due to severe shortage of US dollars as its usable foreign currency reserves have declined sharply.
India has agreed to provide a 500 million US dollar credit line to purchase fuel starting from this month while the government has been looking for similar facilities from other countries.
The government, however, did not reveal the terms and conditions of the contract with the UAE-based company. (Colombo/March 15/2022)