Singapore, Dec 31: Indian Oil made has paid 30 million dollar to Sri Lanka to buy a stake in the nation's gasoline distribution network and an oil terminal. The payment made yesterday was part of the 75 million dollar purchase price for about 100 gasoline stations in Sri Lanka and one-third of a storage facility there, the Public Enterprise Reform Commission of Sri Lanka said.
“The agreements become effective on receipt of the balance payment amounting to 45 million dollar within 30 days'' from today, the commission said in a statement.
Sri Lanka is seeking overseas investment in industries from oil to tourism to help rebuild its USD 16 billion economy after a civil war of more than two decades.
Indian Oil, which last year won a license to operate gasoline stations in Sri Lanka, is looking for new markets because demand in India isn't rising fast enough to absorb an increase in its production.
Bureau Report