Indian Oil Corp to supply 12-13 fuel cargoes to Sri Lanka

09 Mar 2022 CW Team

The country's top refiner and fuel retailer, Indian Oil Corporation Limited (IOCL) told the media that it will supply 12-13 fuel cargoes to Sri Lanka to aid the island nation's energy crisis.

Over the next 4-5 months, IOC plans to supply gasoil, gasoline, and jet fuel to Sri Lanka. The supplies will be made possible by a $500 million line of credit (LOC) extended to Sri Lanka by the Indian government for the purchase of fuels.

Sri Lanka signed a lease agreement with Lanka IOC, a local unit of Indian Oil Corp, to lease 75 oil tanks on Thursday, moving the island closer to securing a $500 million fuel credit line from India.

The agreement was signed ahead of Chinese Foreign Minister Wang Yi's visit to Colombo this weekend, as China vies for influence in Sri Lanka.

Sri Lanka is experiencing one of its worst financial crises in decades, with foreign exchange reserves dwindling and debt repayments totalling nearly $4.5 billion due in 2022, prompting it to look for new ways to bring in foreign exchange.

Sri Lanka had previously agreed to lease all 99 of its tank oil farms to India in 2003. According to the new agreement, Lanka IOC will lease 14 tanks for 50 years, while Trinco Petroleum Terminal Pvt Ltd, a joint venture (JV) with the state-run Ceylon Petroleum Corporation (CPC), will develop 61 oil farms. The remaining 24 tanks will be used by CPC.

Since 1987, successive Indian and Sri Lankan governments have tried to split ownership and development of a World War II-era tank farm at Trincomalee, a strategically important harbour of the island's scenic east coast.

Sri Lanka is on a shipping route connecting Gulf oil exporters with Asian consumers, and Trincomalee was a vital Allied supply hub during World War Two.

Image Source

Also read: Indian Oil Corp bags city gas licenses for nine potential GAs

Real Estate

02 Jun 2026

Dash Square Adds Ashley Study Furniture

Dash Square has expanded its furniture portfolio with a curated study furniture collection from Ashley Furniture Homestore. The range is designed for contemporary homes where work, study and creative activities increasingly require dedicated and well-planned spaces.The collection includes writing desks, executive workstations, storage-led study units and display shelving. It combines practicality, comfort and design to create workspaces that are functional as well as visually appealing.One setting features a light-toned desk with coordinated bookcases and storage cabinets, creating a bright an..

Suraj Estate Arm Acquires Mahim Land Rights

Suraj Estate Developers, through its wholly owned subsidiary Iconic Property Developers, has signed an MoU to acquire development rights for a land parcel in Mahim (West), Mumbai, for Rs 75 crore. The plot measures around 2,941 sq m and is located next to the company’s ongoing commercial project, Suraj One Business Bay.After amalgamation with the existing commercial development, the land is expected to generate additional saleable carpet area of around 1.50 lakh sq ft, with an estimated gross development value of Rs 800 crore. The project is expected to strengthen the company’s near-to-med..

AGNI Launches Industry Benchmarking Drive

The Association of Global NICMARians (AGNI), the alumni body of NICMAR, hosted ASPIRE 2026 in Mumbai under the theme ‘Innovation to Transformation’. The symposium brought together professionals from construction, infrastructure, real estate and project management to discuss technology, AI, sustainability and data-led decision-making.At the event, AGNI announced its vision to emerge as an industry think tank and launched initiatives including an Industry Benchmarking Programme. It also proposed a digital ecosystem with tools for innovation impact assessment, salary benchmarking, company ben..