Sri Lanka keen to privatise oil trade, yet to sign any deal

By Ifham Nizam

Sri Lanka was keen to privatise its oil industry but to date it had not been able to sign any deal, Power and Energy Minister, Kanchana Wijesekera, told journalists yesterday on the sidelines of the ADIPEC conference, in Abu Dhabi.

Minister Wijesekera is attending the top meeting where Energy Ministers from across the world spell out their position, prior to the COP 27 meeting in Egypt.

Wijesekera also said that Sri Lanka had earlier implemented a national fuel management programme, which helped reduce fuel consumption by 40%, and is also still in discussions with the International Monetary Fund (IMF) for financial aid.

“Sri Lanka is still struggling to afford international fuel prices and is unable to fully procure the country’s requirements,” he added.

Wijesekera also said that Sri Lanka was still seeking financial assistance from oil-producing countries, but had not been able to secure any aid apart from an existing deal with India.

Sri Lanka is also expecting a diesel cargo from China to arrive by the end of November, which will help to meet its needs for several months, he said.

Imports of Russian crude oil and refined fuel are also still under consideration. “It doesn’t matter where it’s coming from as long as it’s affordable for Sri Lanka,” Minister Wijesekera said.