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

Infrastructure Urban

07 Oct 2025

RITES Bags Rs 362 Million Order From DVC

RITES Limited, a Schedule 'A' enterprise under the Government of India, has announced that it has received a major domestic work order from the Damodar Valley Corporation (DVC). The company disclosed the development in a filing to the BSE and NSE dated 2 October 2025. The total contract value stands at Rs 362 million (excluding GST).Under the agreement, RITES will provide comprehensive services for the DVC Mejia Thermal Power Station. The scope of work includes the Annual Maintenance Contract (AMC) for Railway Sidings tracks, Operation and Maintenance (O&M) of Signalling and Telecommunicat..

Greta Minerals Doubles WA Exploration Land, Targets Lithium Supply for India

Greta Minerals Pte, part of Singapore-based Greta Group, has expanded its exploration footprint in Western Australia to 1,550 sq km, up from 700 sq km acquired in 2024.Nitesh Chaudhari, Chairman of Greta Group, said, “We are very happy to expand our landholding, encouraged by initial results from Ultrafine+ soil sampling at Gecko North. The geological corridor appears promising for lithium, gold, and other critical minerals.”The Gecko North Project, 25 km northwest of Coolgardie, is one of seven critical mineral and gold projects under Greta Minerals (Australia) Pty, which now holds 37 gra..

Vedanta Extends Demerger Deadline to March 2026 Amid Pending Approvals

Vedanta, led by Anil Agarwal, has extended the deadline for its corporate demerger to March 31, 2026, as approvals from the National Company Law Tribunal (NCLT) and relevant government authorities are still pending, the company said in a regulatory filing. The deadline had earlier been extended from March 31, 2025, to September 30, 2025.The board stated, “Given that the conditions precedent in the Scheme, including NCLT approval and approvals from certain government authorities, are still in process, the timeline for fulfilment of these conditions has been extended to March 31, 2026.” The ..