<b>Indian Oil gets US$ 100 m contract</b>

Indian Oil Corporation Ltd. has secured a contract for US$ 100 million from Sri Lanka’s state-owned company Ceylon Petroleum Corporation (Ceypetco) for shipment of 30,000 tonnes of diesel and 10,000 tonnes of aviation turbine fuel from September 2002.

The refining capacity in Sri Lanka is only 2.2 million tonnes per annum against annual demand for 3.5 mt of petroleum products.

Ceypetco has been importing 1.3 mtpa from the international spot market.

IOC recently signed a memorandum of understanding to enter Sri Lanka’s downstream market, including retail marketing terminals, storage and infrastructure.

-The Island -