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Indian Oil Corp Agrees Fuels Deal For Crisis-Hit Sri Lanka


Indian Oil Corp (IOC) will provide gasoil, gasoline and jet gasoline to Sri Lanka, because the island nation fights a crippling financial disaster that has precipitated an acute gasoline scarcity.


A worker fills up a bottle at a Lanka India Oil fuel station in Colombo November 1, 2011.
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A employee fills up a bottle at a Lanka India Oil gasoline station in Colombo November 1, 2011.

NEW DELHI (Reuters) – Indian Oil Corp (IOC) will provide gasoil, gasoline and jet gasoline to Sri Lanka, the corporate advised Reuters, because the island nation fights a crippling financial disaster that has precipitated an acute gasoline scarcity. Sri Lanka has confronted energy outages operating into hours in current days owing to a scarcity of funds for gasoline to fireplace energy crops. The gasoline shortfalls have additionally led to lengthy traces at petrol and diesel stations over the previous month. The nation wants about $500 million a month to supply gasoline, however Sri Lanka’s central financial institution has stopped releasing funds to pay for gasoline shipments because it contends with a international exchange-related disaster.

“The supplies shall be made under a $500 million line of credit extended by the government of India to Sri Lanka for purchase of fuels,” IOC stated on Thursday. Nearly a 3rd of Sri Lanka’s electrical energy is generated by oil-fired energy crops and an analogous quantity comes from coal and hydropower, based on the state-run Ceylon Electricity Board.

Sri Lanka says it has adequate coal to make sure steady electrical energy provide and has vowed to cease energy cuts from Saturday, nevertheless it has not stated the way it plans to safe gasoline provides. IOC will provide 12-13 parcels of gasoline to Sri Lanka over the following 4-5 months towards a young issued by the Ceylon Petroleum Corp, the refiner stated.

By Nidhi Verma and Sudarshan Varadhan.

(Editing by David Goodman)

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(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)

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