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Friday September 30th, 2022

Sri Lanka gives 1.9mn barrel petrol supply deal to UAEs OQ Trading

ECONOMYNEXT – Sri Lanka’s state-run Ceylon Petroleum Corporation has given a 1.8 million barrel petrol supply deal spanning eight months to UAE based OQ trading Limited, the state information office said.

OQ Trading will supply petrol from February 15, 2020 to October 14, 2022.

The long term contract was awarded following competitive tendering.

The cabinet has approved the proposal by Energy Minister Udaya Gammanpila to award the contract to OQ Trading after calling for competitive tenders.

Minister Gammanpila told parliament last week that suppliers are now asking for pre-payments.

The CPC used to ask for 180 to 360 day payment terms to settle import bills, whenever the central bank printed money to create forex shortages and settle the bills at a loss or convert them to loans, triggering permanent losses and interest costs. (Colombo/Mar01/2022)

Comments (1)

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  1. Sajjad says:

    “OQ Trading will supply petrol from February 15, 2020 to October 14, 2022.”

    Please correct the dates in text, it is wrong!

View all comments (1)

Comments (1)

Your email address will not be published.

  1. Sajjad says:

    “OQ Trading will supply petrol from February 15, 2020 to October 14, 2022.”

    Please correct the dates in text, it is wrong!