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Iran Invests on Sri Lankan Oil Refinery Development
An agreement between Iran and Sri Lanka for the expansion of Sapugaskanda oil refinery has been altered due to Sri Lanka’s inability to meet the stipulated conditions.

Sri Lanka will pay its share of the project in installments over the period of construction.
Authoritative sources said though in the original agreement the Sri Lankan government had made a commitment of 30 per cent of $1.47 billion project upfront, it had subsequently said it couldn’t raise the required funds.
The project aims at doubling the production capacity of the existing Sapugaskanda oil refinery near Colombo from 50,000 barrels per day to 100,000 bpd.
Sri Lanka has been greatly benefited from Iran making available what diplomatic sources called $700 million in rolling cash to purchase oil.
Moj News
Aug 13, 2009 10:21
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