Gopal Bagley: Latest News

COLOMBO (News 1st); 40,000 metric tons of fuel purchased by the Ceylon Petroleum Corporation from the Indian Oil Corporation reached the Colombo Port on Tuesday (15).The IOC had submitted a quotation for fuel supplies based on a request by the Energy Ministry while the IOC has also granted them a 60-day period to make the payment.The Minister of Energy Udaya Gammanpila, speaking at the event stated that while Sri Lanka is undergoing a large foreign exchange crisis, therefore has been experiencing difficulties in financing oil imports. However, the Minister added that Sri Lanka could not wait until the US$ 500Mn credit line is finalized, and the country was in need of fuel urgently due to the newly created demand which came from the power sector. Reiterating that friends in need are friends indeed, the Minister emphasized that India has proven itself a good friend of Sri Lanka, not by words, but by actions. The Indian High Commissioner of Sri Lanka, Gopal Bagley also speaking at the event said that this as two countries have shared history and also underwent difficulties due to the recent COVID-19 pandemic, India is committed to stand by Sri Lanka at this time of crisis.

COLOMBO (News 1st); The Indian Exim Bank on Wednesday (2) signed a $ 500 Million Line of Credit Agreement with the Sri Lankan Treasury.The agreement was signed for the purchase of Petroleum Products.Finance Minister Basil Rajapaksa and Indian High Commissioner Gopal Bagley were present for the signing.