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China's finance and investment spending in Belt and Road countries fell slightly in the first half compared to a year earlier, with no new coal projects and investments in Russia, Egypt and Sri Lanka falling to zero, new research showed. Saudi Arabia was the biggest recipient of Chinese investments over the period, with about $5.5 billion, According to the Shanghai-based Green Finance and Development Center (GFDC) in research published on Sunday.
Sri Lanka’s fuel stocks will last for about five more days, its power and energy minister said on Thursday. Chronic fuel shortages have worsened this week with long lines at some gas stations countrywide. The stocks cover fuel for vehicles, some industries and essential services. Sri Lanka is unable to make $725 million in overdue payments to suppliers and also struggling to open letters of credit for future shipments, power and energy minister Kanchana Wijesekera said. “We are struggling to get fuel supplies due to our forex issues and the government is working to manage existing stocks of diesel and petrol until June 21. Stocks could run out faster if we do not cut back on non-essential travel and stop hoarding fuel. ” “We are expecting a petrol shipment within the next three days and another two shipments in the next eight days,”
India's support for fuel imports by Sri Lanka from India was in response to an urgent requirement. Colombo: India on Wednesday extended a USD 500 Million credit line to Sri Lanka to fund the country's fuel purchases,
Sri Lanka and India on Thursday signed a fresh agreement on the 99 giant oil tanks in Trincomalee to supersede the controversial one signed 19 years ago in 2003. Through the new agreement, 85 of the 99 tanks will be under the control of Sri Lanka, either directly or indirectly, the latter being through a joint venture with India in which Sri Lanka will have a 51% share. Each tank can hold 12,000 mt of oil. The Sri Lankan Energy Minister Udaya Gammanpila described the new agreement as “historic” and the Indian High Commission tweeted to say that it is “a milestone in India-Sri Lanka economic and energy partnership.” The High Commission’s tweet further said: “Congratulations to all parties on signing the Agreement to develop Trincomalee Oil Tank Farm. Sincerely appreciate the guidance from leadership of India and Lanka and support from all Ministers and officials concerned.”
A supertanker carrying about 2 million barrels of oil caught fire in the Indian Ocean off the east coast of Sri Lanka. The tanker was sailing towards India’s Paradip refinery when it caught fire. One of the 23 crew members is found missing and one injured. The navy personnel at the scene have reported that fire was under control.