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Iran is to finance Sapugaskanda Oil Refinery expansion

May 6, 2011 6:42:56 AM - itnnews.lk

The Government has held bilateral talks with the Iranian Government to finance the expansion of the Sapugaskanda Oil Refinery.

 

According to the Petroleum Resources Ministry the construction process will begin after the discussions. The Sapugaskanda refinery will be able to refine about 100,000 barrels of crude oil daily after the completion of the expansion programme. At present current 50,000 barrels are being refined per day. This will enable Sri Lanka to save 300 million US Dollars per year.

The United States will also be funding two Billion dollars, besides the Iranian financial support on the expansion programme. This is estimated as 70 percent. The balance 30 percent will be provided by the Government.