Sri Lanka has Rs. 3752 crore loan sought

Talks with the Indian High Commissioner based in Sri Lanka

Sri Lanka's state-owned oil company Ceylon Petroleum owes સરકારી 3.3 billion to two leading state-owned banks

Colombo: Sri Lanka has sought a loan of 50 500 million (Rs 3,752 crore) from India to buy crude oil. Sri Lanka's demand for the loan comes after a statement from its energy minister Uday Gammanpila, who warned that the country's fuel availability could be guaranteed by January next year.

Ceylon Petroleum Corporation (CPC), Sri Lanka's state-owned oil company, already owes about 3. 3.3 billion to the country's two leading state-owned banks, Bank of Ceylon and People's Bank. CPC imports crude oil from West Asia and refined products from countries including Singapore.

"We are currently in talks with the High Commissioner of India in Sri Lanka to secure a સુવિધા 500 million loan facility under the India-Sri Lanka Economic Partnership Agreement," Suthanik Media quoted CPC Chairman Sumit Vijaysinghe as saying. He said the loan amount would be used to purchase petrol and diesel.

It may be mentioned that due to the rise in crude oil prices in the international market, Sri Lanka has to spend more on buying crude oil this year. The country's oil bill rose 41.5 per cent to બે 2 billion in the first seven months of this year compared to last year.