16 November 2021 12:00 am Views - 106
By Kelum Bandara
Energy Minister Udaya Gammanpila said the Sapugaskanda oil refinery was closed for at least 50 days since a decision was taken to suspend crude oil imports in a bid to manage meagre foreign exchange reserves available in the country.
However, he asserted that no fuel shortage would occur in the country as a result. Delivering his remarks at a press conference, he said, among the petroleum products refined at the facility, petrol and diesel account for only 43 per cent. He said furnace oil and Naphtha oil used in power generation account for 37 per cent and aviation fuel 19 per cent.
“Currently, 50 per cent of electricity generation is based on hydropower. Therefore, the Ceylon Electricity Board (CEB) ruled out the need for such fuel for power generation these days,” he said.
The Minister said the government would restrict the import of crude oil as a solution to the present foreign exchange crisis.
“Instead, we will continue to import petrol and diesel to be used,” he said.
Sri Lanka spends US $ 350 million on oil imports.
“We are in talks with a number of countries to purchase oil on credit.
Sri Lanka has been downgraded by international rating agencies. It has been challenging for Sri Lanka to reach credit arrangements,” he said.