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TEHRAN, October 23 - Sri Lanka, which is dependent on Iranian light crude, has sought advice from India on its strategy on purchasing oil from the country in the light of tightening US sanctions.
TEHRAN, Young Journalists Club (YJC) - Sri Lanka's Petroleum Minister Arjuna Ranatunga has sought information on how India will act in the case of tighter sanctions from Indian External Affairs Minister Sushma Swaraj, a statement from the office of the Prime Minister Ranil Wickremesinghe who is leading a delegation said, economynext website reported on Sunday.
Swaraj had explained India's strategy on oil purchases and has said Sri Lanka could also follow the process and promised further information.
Sri Lanka's aging state-run refinery, originally built by the Soviet Union, works best with Iranian light crude, with other heavier crudes not generating enough light distillates.
US President Donald Trump announced in May that Washington was pulling out of the nuclear agreement which lifted nuclear-related sanctions against Tehran in exchange for restrictions on Tehran's nuclear program. The deal had been signed between Iran and the five permanent members of the UN Security Council -- the United States, Britain, France, Russia and China -- plus Germany in 2015.
The US administration reintroduced the previous sanctions while imposing new ones on the Islamic Republic. It also introduced punitive measures — known as secondary sanctions — against third countries doing business with Iran.
A first round of American sanctions took effect in August, targeting Iran's access to the US dollar, metals trading, coal, industrial software, and auto sector. A second round, forthcoming on November 4, will be targeting Iran’s oil sales and its Central Bank.
Source: Tasnim
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