With No Fuel In The Country Sri Lanka Takes Russian Oil

 

Bloomberg: Bankrupt Sri Lanka Takes Russia Oil as Fuel Crisis Persists 

(Bloomberg) -- Sri Lanka is receiving Russian crude oil that it will use to make fuel as the bankrupt nation faces crippling shortages of everything from gasoline to diesel. 

The Russian grade of Siberian Light will be processed at Ceylon Petroleum Corp.’s refinery in Sapugaskanda, Chairman Sumith Wijesinghe said in a phone interview. The country’s sole refinery is set to receive crude on May 28, enabling its restart for the first time in over two months, according to its power and energy minister in an earlier tweet. 

Sri Lanka is the latest Asian nation to accept Russian crude after Moscow’s invasion of Ukraine prompted widespread condemnation and sanctions. Most refiners in the US and across Europe have halted purchases from the OPEC+ producer, prompting the cost of Russian oil to plummet, while opportunistic buying from Asian customers in China and India has surged. 

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Update: Bankrupt Sri Lanka Takes Russian Crude As Fuel Crisis Depletes Stocks, Mulls Loan From China (Zero Hedge)  

WNU Editor: It looks like China is bailing out Sri Lanka .... China becomes wild card in Sri Lanka's debt crisis (ABC News).