Monday, 25 November 2013 - 12:59
Sri Lanka also to reap benefits from relaxing Iran sanctions
Crude oil prices dropped by 2 to 3% in the world market as economic sanctions against Iran were relaxed.
Iran is the 4th largest crude oil exporter in the world.
As the sanctions were relaxed on Iran, the tension that prevailed in oil producing countries in the Middle East has also been relieved.
World Powers came to an agreement on the Iran nuclear development program recently intending to reduce the nuclear threat from Iran to other countries.
Discussions are currently underway to see if Sri Lanka could gain a positive advantage from the loosening of sanctions on Iran.
Sri Lanka imports crude oil for refining mostly from Iran. However, there were impediments on importing crude oil following the international sanctions on Iran.
Thereafter to meet the fuel need of the country, crude oil as well as refined fuel was imported from Oman.
Taking the status quo into consideration, our news team inquired from Petroleum Industries Minister Anura Priyadarshana Yapa whether it will be favourable for Sri Lanka.
Minister Yapa stated that Sri lanka will have a huge advantage as a result of relaxing Iran sanctions.