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(Bloomberg) — Sri Lanka’s state-run Ceylon Petroleum Corp. is in talks with Russian oil companies to import petroleum products, as the Middle East war constrains flows, boosts prices and prompts buyers to look for cargoes.
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Ceypetco — the only refiner on the strategically vital Indian Ocean island — is in discussions for Russian petrol and diesel, as the crude on offer was not compatible, according to Managing Director Mayura Neththikumarage.
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“These will be purely on commercial terms,” Neththikumarage said in a telephone interview on Monday, without giving details. “The Russian government is supporting us to release the products.”
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The South Asian nation ships in most of its fuel needs and has been trying to secure energy supplies amid the global shock triggered by the US and Israeli war against Iran, which erupted last month. A Russian delegation was in Colombo for talks last week, led by Deputy Energy Minister Roman Marshavin.
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The country typically sources much of its crude from the United Arab Emirates. Supplies from the region have been reduced — but not halted entirely – by the war, as Iran prevents most tankers from traversing the Strait of Hormuz. Separately, refined products are imported from India and Singapore.
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Sri Lanka managed to secure 38,000 tons of fuel from India, which arrived in Colombo at the weekend, President Anura Kumara Dissanayake said in a social-media post, without giving details.
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Elsewhere, the nation’s civil aviation authority said on March 27 local jet-fuel stockpiles can last 59 days, which would allow the national carrier and international airlines to refuel until mid-May.
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At the same time, however, authorities have announced fuel-price rises and austerity measures to cope with shocks from the conflict.
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The Russian embassy didn’t immediately respond to a request for comment.
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Sri Lanka, which sits off India’s southern coast, found itself drawn into the Iran war earlier this month when a US submarine sank an Iranian warship nearby.
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—With assistance from Asantha Sirimanne.
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