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| Thursday, 18 November 2004 |
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Politics | |
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| Iran to defer payment on oil by Ranil Wijayapala The Government in a move to cushion the impact of the cost of living on the people due to soaring oil prices in the world market, and to stabilise the value of the rupee against the US dollar will reach an agreement with the Iranian Government next week to defer the payments for six months for imported petroleum products from Iran, Power and Energy Minister Susil Premjayantha said yesterday. Minister Premjayantha told the Daily News that the Government will sign an agreement with the Iranian Government to this effect next week during President Chandrika Bandaranaike Kumaratunga's visit to Iran. He said the Government will be able delay the payments for imported crude oil by six months thus saving the country's foreign reserves, leading to stabilisation of the economy. Premajayantha said the Government will be able to spend US$ 150 million from the Indian Credit Line to purchase crude oil for the month of January and February. The Government will be able to save foreign reserves for another six months after reaching agreement with the Iranian Government", Premajayantha added. Minister Premajayantha said Government has to spend US$ 90 million per month to import petroleum products. The Minister also said a team from the Indian Government is due to arrive today in Sri Lanka to have discussions with the Government regarding exploration of oil deposits in the Northern seas. "The team will explore the possibilities to engage in oil exploration jointly in Sri Lankan territorial waters, the Minister added. Minister Premajayantha said another Indian team will arrive in Sri Lanka next week to do a feasibility study on the Norochcholai coal fire power plant. |
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