ASIATODAY.ID, COLOMBO – Sri Lanka has secured crude oil supplies from Russia after reaching an agreement with Moscow, as the island nation grapples with a deepening energy crisis triggered by the conflict in the Middle East.
The move signals a significant strategic shift in Colombo’s energy policy amid global supply disruptions.
Transport Minister Bimal Rathnayake said energy security has become the government’s top priority, blaming supply instability on the war involving the United States and Israel against Iran.
According to Rathnayake, the agreement was finalized following recent visits by senior Russian officials, including the deputy energy minister and deputy foreign minister, to Colombo. The first shipment of Russian crude is expected to arrive in mid-April.
“Politically, almost everything has been finalized. What remains are technical arrangements and financial mechanisms at the company level,” he said.
Logistical constraints remain a concern. A senior official from Ceylon Petroleum Corporation, Mayura Neththikumarage, noted that Sri Lanka has only two fuel unloading facilities, potentially limiting distribution capacity.
Despite these challenges, authorities say fuel supplies for April and May have been secured, with prices expected to ease slightly by June.
Sri Lanka has traditionally relied on crude imports from the United Arab Emirates, while refined petroleum products are sourced from India and Singapore.
In March alone, the country received 38,000 tons of fuel from India.
Amid the crisis, Colombo has raised fuel prices and imposed rationing measures to manage shortages. Meanwhile, Russia is increasingly positioning itself as a key energy partner for South Asian nations, including India, Pakistan, Bangladesh, and Sri Lanka.
Bilateral trade between Russia and Sri Lanka reached $700 million in 2024, a figure likely to grow as energy cooperation deepens. (RT)
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