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Saudi Arabia invited to set up oil refinery here

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Sri Lanka has invited Saudi Arabia to establish a crude oil refinery in Sri Lanka.The Arab News website also confirmed that Saudi Arabia was invited to establish a crude oil refinery in Sri Lanka.

Environment Minister Naseer Ahmed, who went to Saudi Arabia last Sunday as a special representative of President Ranil Wickremesinghe, made this invitation during the discussion held with Saudi Deputy Minister of Foreign Affairs Waleed Al-Quraji and the CEO of the Saudi Foundation for Development, Sultan Al-Mershad.

Besides, the minister has also told the Arab News website that he is eager to attract Saudi investors for Sri Lanka’s oil mining industry.

Minister Ahmed told Arab News that he informed the Saudi authorities that Sri Lanka would allow the establishment of an oil refinery and provide fuel storage facilities to cover the entire South Asian region. Ahmed also added that strong energy cooperation and bilateral trade will increase from the current US$ 300 million annual transaction to billions of dollars in the future with investments in the field of petroleum.

The Environment Minister further said that he is optimistic that Sri Lanka will be able to buy oil from Saudi Arabia with long-term conditions and that Saudi Arabia will take the bilateral relations between the two countries to a new dimension by starting new projects in Sri Lanka.

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