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FINANCIAL NEWS
KSA, Sri Lanka agree to increase oil trade ties
08 Jul 2016
(MENAFN) Sri Lanka has invited Saudi Arabia to set up a petroleum refinery in the southern part of the island, a refinery that could tap markets in neighboring countries such as India, Pakistan and Bangladesh.
Accordingly, the proposed refinery could be set up in Hambantota, some 300 miles away from Colombo, plus Hambantota hosts a full-fledged sea port, which could export refined oil to other nations.
Moreover, nearly 550,000 Sri Lankans working in Saudi Arabia remit some USD2.6 billion annually, therefore Sri Lanka was ranked as the third country in terms of outward remittances to home countries.
“We are exporting tea for some USD800 million to the Kingdom. This could be improved and there are several other areas where the two countries could benefit from viable projects,” said a Sri Lankan top banker.
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