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Sri Lanka: Iran to build new refinery

ANI  |  Colombo [Sri Lanka] 

In addition to upgrading its ageing 50,000 barrel per day (bpd) state-owned refinery, has also agreed to build a new for

Iranian officials vowed this when visited on May 13.

The only has in Colombo suburb Sapugaskanda was built by in 1969 to refine Iranian light crude.

However, state-run (CPC) was forced to look for other light crudes when sanctions were imposed on in 2012 to curb its nuclear ambitions, as per Colombo Page.

The only refinery that Sri Lanka has, caters to only 30 percent of the country's fuel requirement.

According to the Colombo Page, Iran's offer comes as Chinese, Middle Eastern and Russian companies are in discussions to build a 100,000 bpd refinery for CPC.

Sri Lanka has also discussed a 100,000 bpd refinery in partnership with But no progress can be seen on that plan.

Sirisena is the first leader to go to after assuming duties as and Trump's decision to re-impose economic sanctions on Iran.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 15:30 IST