Sri Lanka looking around for better oil deals

The treasury is in an attempt to buy time to settle its bills. Treasury Secretary S R Attygalle said that talks have begun with oil supplying countries to obtain a one year payment period.

 

Currently Ceylon Petroleum Corporation(CPC) has credit from suppliers for 180-days and 270-days and if talks succeed the CPC will get a year to pay back. Treasury and Central Bank officials are now in the Middle East  for talks and  State Minister for Money and Capital Markets Nivard Cabraal has met senior government officials at Oman.

 

It is anticipated that oil prices will pick up as the Corona pandemic gets under control.