Sri Lanka and ADNOC explore long-term crude supply deal and joint petroleum investments
Daily FT: A high-level discussion between representatives of the Abu Dhabi National Oil Company (ADNOC) and a Sri Lankan delegation was held yesterday at the Presidential Secretariat, aiming to strengthen bilateral energy cooperation in the petroleum sector.
The meeting was led by Power Minister Kumara Jayakody and Labour Minister and Economic Development Deputy Minister Dr. Anil Jayantha Fernando focused on identifying supply and investment prospects in the petroleum industry between the two countries and initiating groundwork for potential joint projects.
Also in attendance were Ambassador of the United Arab Emirates to Sri Lanka Khaled Nasser Al Ameri, along with ADNOC Senior Vice President – Crude and Condensate Abdulla Al Qubaisi and other senior executives from the company.
Discussions also covered the possibility of swiftly forming a long-term agreement to supply crude oil to Sri Lanka at a reasonable price, improving the country’s oil refining capacity and strengthening the country’s position in the regional petroleum market.
OSL take:
The ongoing economic expansion in Sri Lanka and the target of achieving regional hub status have resulted in the growth of the country’s power and energy industry. The steadily growing demand in the power and energy industry has opened up a host of direct as well as indirect business/investment opportunities for foreign businesses/investors in the industry. The decision by the Sri Lankan government to open the fuel retail market, the move to engage in oil exploration and the expanding opportunities in oil bunkering work have presented a host of lucrative business/investment opportunities. Given Sri Lanka’s geographical positioning in the Indian Ocean, the strong trade ties and the overall growth potential, foreign businesses/investors could confidently explore the increasing opportunities in the country’s power and energy industry. Emerging opportunities in the development of infrastructure and supplementary infrastructure facilities required by the power and energy industry could also be explored by foreign businesses/investors.
| Article Code : | VBS/AT/20250606/Z_4 |