ECONOMYNEXT – Sri Lanka will explore possibilities of securing a credit line to purchase Murban crude oil from the United Arab Emirates during the visit of President Anura Kumara Disanayake, two sources said.
President Disanayake will visit the UAE from February 10-13 at the invitation of UAE President Mohamed Bin Zayed Al Nahyan to participate in the World Government Summit 2025.
President Disanayaka will address the World Government Summit 2025 in Dubai and hold bilateral discussions with President Mohamed Bin Zayed Al Nahyan on a range of areas of mutual interest.
“The government is expecting to discuss the possibilities of a credit line to purchase Murban crude oil, which we need to run our refinery in Sapugaskanda,” a source who is aware of the visit, told EconomyNext.
Sri Lanka’s only Iranian-built refinery in Sapugaskanda is running with lower efficiency after the island nation was deprived of purchasing Iranian light crude since 2012 due to US sanctions against Iran.
However, Murban has been an alternative to Iranian light, experts have said.
President Disanayake will meet UAE energy minister to discuss Sri Lanka’s requirement, another source said.
He is also scheduled to meet Vice President and Prime Minister of the UAE Sheikh Mohammed bin Rashid Al Maktoum, while he will also engage with a number of CEOs of leading global companies in the sectors of IT, AI, Energy, Tourism, Finance, and Media to attract investments to Sri Lanka, Sri Lanka’s Foreign Ministry said. (Colombo/February 06/2025)
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