Iran to finance 70% cost of upgrading Sapugaskanda refinery
Sri Lanka was having talks with Iran on funds for the expansion of the Sapugaskanda oil refinery, an official from the Ministry of Petroleum Resources said.
“The Iranian government has pledged to finance 70 per cent of the total cost expanding the refinery and the balance will be taken care of by the government of Sri Lanka,” Secretary to the Ministry of Petroleum Resources, Titus Jayawardana said.
The project will cost a total of US$ 1,500 million and the government was now looking for the investors to bear the remaining 30 percent of the cost, he said.
Once the project was completed, Sapugaskanda oil refinery would be able to refine 100,000 barrels of crude oil per day. The current capacity was only 50,000 barrels, Jayawardana said.
The expansion project would commence immediately after the conclusion of the bilateral talks, he said.
Courtesy: The Island

Latest Headlines in Sri Lanka
- Ranil Wickremesinghe rejects Batalanda Commission report March 16, 2025
- CID questions IGP Tennakoon’s family as manhunt continues March 16, 2025
- Sri Lanka to strengthen pension scheme for migrant workers & tourism sector March 16, 2025
- Indian PM Narendra Modi to visit Sri Lanka in early April 2025 March 15, 2025
- Sri Lankan President joins special Iftar ceremony at Temple Trees March 15, 2025
It was LTTE war but hardly remove our currant president & mr.sarath fonseka, then next ware we just get it “the world unprofessional & freaky Iran president Interfere for our region, once again corrupt government miss management