Iran demands Rs. 37 b in unpaid bills

By Damith Wickremasekara-Sunday, July 31, 2016

An agreement has been reached on Iran’s demand that Sri Lanka should settle an unpaid bill of US$ 256 million (Rs. 37 billion) to resume crude oil sales.
The issue about the settlement of the bill figured during talks in Teheran between a Sri Lankan delegation led by Petroleum Resources Development Minister Chandima Weerakkody and top Iranian officials.

The Lankan delegation including a representative from the Attorney General’s Department discussed ways to repay the unpaid bill, the minister said One of the ways was to offset the payments for tea exports to Iran or to consider them as investments made here. Sri Lanka has again begun to buy ‘Iranian light’ crude as the Sapugaskanda refinery is designed in a manner to refine such oil.

Minister Weerakkody said agreement was reached to settle the dues to Iran and the the purchase of crude oil. This has been made possible after the lifting of international sanctions on Iran earlier this year.