The Cabinet of Ministers at its meeting on Monday approved to award $ 200 million contract to the Indian Oil Corporation Ltd. (IOC) to procure fuel.

“Bids were called on 22 April to procure diesel, petrol and jet fuel type A1 under the $ 200 million short-term loan facility provided by the Export-Import (EXIM) Bank of India. The bidding process was closed on 29 April and IOC too had made bids,” Power and Energy Minister Kanchana Wijesekera said, joining the post-Cabinet meeting media briefing yesterday.

He said the approval was given following the recommendation of the Cabinet-appointed special Standing Procurement Committee.

“We are expecting four fuel shipments from India,” he added. 

India’s economic assistance to SL tops $ 3 b mark so far this year