He told The Sunday Morning that no investor had yet been finalised for the proposed new oil refinery in Sapugaskanda, which, according to him, are the only refinery plans being executed by the corporation as of now. Nevertheless, as The Sunday Morning reported, in November 2019, that the Board of Investment (BOI) entered into an agreement with Hambantota Oil Refinery (Pvt.) In May 2018, the Iranian Government announced plans to help Sri Lanka construct a new oil refinery and refurbish Sapugaskanda. While Iranian support bodes well for the country’s oil refinery capacity, obstacles may arise during project development, particularly regarding financial transactions resulting from sanctions. The country consumes around 30 million litres of gasoline, 130 million litres of diesel, and 18 million litres of kerosene each month.

Source: The Nation August 07, 2021 17:03 UTC