India will help Sri Lanka in oil sector despite recent changes: Officials

Sri Lanka has awarded licences to China’s Sinopec and two other foreign oil companies to operate in its volatile retail fuel market where a state-owned Indian firm has a leading share.

Officials said in New Delhi India will continue supporting Sri Lanka in developing oil infrastructure as the two countries have common interests. Lanka IOC, Indian Oil Corporation’s subsidiary, commands a third of the island’s fuel retailing market and the rest is with state-controlled Ceylon Petroleum Corporation (Ceypetco).

Pankaj Jain, India’s Petroleum and Natural Gas Secretary, was in Sri Lanka earlier this week with a delegation. Jain, while visiting prospective projects, called for increasing partnership between the two countries in the energy sector, local media reported.