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Credit lines for fuel: Government yet to finalise Indian and Omani options

a year ago

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The Government continues to chase two critical credit facilities from Oman and India to ensure an uninterrupted fuel supply in the coming months. Speaking to The Sunday Morning, Ministry of Finance Secretary S.R. Attygalle said that there had been little progress on securing a $ 500 million line of credit from India.  Last week, Indian parties had handed over some of the relevant documentation on the line of credit to the Export-Import (EXIM) Bank of India for perusal. Sri Lanka is also seeking a $ 3.6 billion line of credit from Oman for the purchase of petroleum products.  Minister of Energy Udaya Gammanpila last month claimed that the Omani line of credit was the most attractive of several options, and that lawyers from both parties were analysing the offer.  The Cabinet had already granted approval to secure the Omani option. Discussions in that regard were continuing and were yet to be finalised, a senior government source told The Sunday Morning. Last month, Minister Gammanpila told The Sunday Morning that the Ceylon Petroleum Corporation (CPC) owed two state banks $ 3.6 billion.  

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