Assistance sought from Indian Bank to pay for oil shipment

● Shipment of crude oil berthed off Colombo port ● This facility is in addition to the US $ 500 Mn credit line offered by India to import fuel

The government has sought the assistance of an Indian Bank to open a Letter of Credit to pay US $ 72 million for a shipment of crude oil berthed off the Colombo port, an informed source said.

That has been done since the state banks are not in a position to open Letters of Credit. The source said assistance was sought from an Indian Bank.

“We will pay the Indian bank after 90 days,” the source said. Once the shipment is cleared, it was to be unloaded to the Sapugaskanda oil refinery facility.

This facility is in addition to the US $ 500 million credit line offered by India to import fuel.