The recent Cabinet Announcements said that Sri Lanka’s government had entered into a long term contract with M/s Swiss Singapore Overseas Enterprise Pte Ltd to buy Murban Crude Oil to the tune of 7 million Barrels for the 8 months effective from 1^st April 2018 to requirement of refining at Sapugaskanda Oil Refinery owned by Ceylon Petroleum Corporation. Accordingly the proposal submitted by Arjuna Ranatunga Ministry of Petroleum Resources Development to the Cabinet Ministers had been approved by the Standing Procurement Committee appointed by the Cabinet of Ministers.

As per the approved proposal Sri Lanka will purchase 7 million Barrels of Murban Crude for next 8 months to a total value of over US $ 413 million; from Abu Dhabi oil fields of United Arab Emirates at a US $ 1.69 per Barrel above the spot price; which is currently at US $ 57.39 per barrel from Swiss Singapore Overseas Enterprise Pte Ltd – a Singapore based subsidiary of India’s US $43 billion Aditya Birla Group, a leading bulk commodity trading solutions provider across the globe.