Swiss Singapore Overseas gets another Sri Lanka crude oil deal
ECONOMYNEXT – Swiss Singapore Overseas Enterprises Pte. Ltd., a commodity trader, has won a contract to supply Murban crude oil to Sri Lanka’s state-run oil refinery, the state information office said.
A statement said the proposal for the eight-month contract by Minister of Highways & Road Development and Petroleum Resources Development Kabir Hashim was approved by the Cabinet of ministers this week.
The amount of crude and price was not revealed.
Swiss Singapore Overseas Enterprises, part of India’s Aditya Birla Group, won a similar contract last April too to supply seven million barrels of Murban crude oil to the state refiner Ceylon Petroleum Corporation (CPC).
The CPC’s 50,000 barrels per day refinery is old and optimised for refining Iranian crude but Sri Lanka has been trying to diversify supply sources after American sanctions on Iran disrupted supplies from Iran.
In the past seven years the CPC has been buying Murban crude from Abu Dhabi which gives it very good yield in the refinery, officials have said.
(COLOMBO, March 07, 2019-SB)