Lanka to team to Russia for oil discounts

Sri Lanka will send a ministerial delegation to Russia next week to negotiate discounted oil deals amid a crippling fuel shortage that has cast a long shadow on a debt-laden economy, ET has learnt from Colombo-based sources.Lanka had earlier purchased discounted oil from Russia and is now exploring long-term arrangements to meet regular demands in the island nation, sources indicated. Sri Lanka has remained neutral on the Russia-Ukraine conflict like all other South Asian nations. India has also been making big purchases of Russian crude since March. This will be the second minister-led visit from Colombo to Moscow in less than a month to negotiate discounted oil. In May, Sri Lanka had received Russian oil and was also looking to import other fuels such as coal and diesel from Moscow. Colombo took delivery of nearly $73 million worth Russian oil to help restart Sri Lanka's only oil refinery. India, too, has assisted Colombo with fuel supplies. The fuel shortage in the island nation is acute.

Lanka to team to Russia for oil discounts
Sri Lanka will send a ministerial delegation to Russia next week to negotiate discounted oil deals amid a crippling fuel shortage that has cast a long shadow on a debt-laden economy, ET has learnt from Colombo-based sources.Lanka had earlier purchased discounted oil from Russia and is now exploring long-term arrangements to meet regular demands in the island nation, sources indicated. Sri Lanka has remained neutral on the Russia-Ukraine conflict like all other South Asian nations. India has also been making big purchases of Russian crude since March. This will be the second minister-led visit from Colombo to Moscow in less than a month to negotiate discounted oil. In May, Sri Lanka had received Russian oil and was also looking to import other fuels such as coal and diesel from Moscow. Colombo took delivery of nearly $73 million worth Russian oil to help restart Sri Lanka's only oil refinery. India, too, has assisted Colombo with fuel supplies. The fuel shortage in the island nation is acute.