The government has approved the plan to obtain crude oil for the Sapugaskanda Oil Refinery by July 2022 from Terra Nevis Group in Cyprus.
The decision was announced today at the weekly cabinet meeting at the information department.
An uninvited proposal has been made by the Terra Nevis Group in Cyprus to supply the crude oil required for the refinery.
The proposal made to supply crude oil under the 180 day loan scheme has been evaluated by the cabinet appointed Special Standing Procurement Committee and it is recommended to supply a 450,000 barrel shipment basically.
Accordingly, the Cabinet of Ministers approved to procure crude oil in accordance with that recommendation.