Cabinet approves proposal to buy 450,000 barrels of crude oil from Terra Nevis Group in Cyprus for the Sapugaskanda oil refinery through a 180-day loan scheme
Necessary steps have been taken to obtain crude oil for the Sapugaskanda Oil Refinery by July 2022. Arrangements have to be made to procure crude oil required for the next period. An uninvited proposal has been made by the Terra Nevis Group in Cyprus to supply the crude oil required for the refinery.
The proposal made to supply crude oil under the 180 day loan scheme has been evaluated by the cabinet appointed Special Standing Procurement Committee and it is recommended to supply a 450,000 barrel shipment basically. Accordingly cabinet of Ministers approved the proposal made by the Minister of Energy to procure crude oil in accordance with that recommendation.