{"id":459672,"date":"2022-01-01T09:18:55","date_gmt":"2022-01-01T03:48:55","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=459672"},"modified":"2022-01-01T09:54:50","modified_gmt":"2022-01-01T04:24:50","slug":"sri-lanka-indian-oil-corp-unit-to-sign-oil-tank-restoration-deal","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/sri-lanka-indian-oil-corp-unit-to-sign-oil-tank-restoration-deal\/","title":{"rendered":"Sri Lanka, Indian Oil Corp unit to sign oil tank restoration deal"},"content":{"rendered":"<p>Sri Lanka will sign a deal with Lanka Indian Oil Corporation (LIOC) to restore 75 oil tanks as the country moves to secure a $500 million fuel credit line from India, its energy minister said on Friday.<\/p>\n<p>The island nation is facing dwindling foreign exchange reserves and has nearly $4.5 billion worth of debt repayments in 2022, prompting it to look at innovative ways to bring in foreign exchange. <\/p>\n<p>The facility, with 99 storage tanks, is located next to a harbour off Sri Lanka&#8217;s east coast and though India and Sri Lanka agreed to jointly develop it in 1987, negotiations dragged on for decades.<\/p>\n<p>The cost of restoration is pegged at about $1 million per tank. The latest round of negotiations between the Sri Lankan government, its Indian counterpart and LIOC began in August 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sri Lanka will sign a deal with Lanka Indian Oil Corporation (LIOC) to restore 75 oil tanks as the country moves to secure a $500 million fuel credit line from India, its energy minister said on Friday. The island nation is facing dwindling foreign exchange reserves and has nearly $4.5 billion worth of debt repayments in 2022, prompting it to look at innovative ways to bring in foreign exchange. The facility, with 99 storage tanks, is located next to a harbour off Sri Lanka&#8217;s east coast and though India and Sri Lanka agreed to jointly develop it in 1987, negotiations [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-459672","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/459672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=459672"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/459672\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=459672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=459672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=459672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}