
Sri Lanka opts for US crude in bid to narrow trade balance
The development comes ahead of the August 1 deadline for negotiations on tariffs imposed by the Donald Trump-led administration.
Head of the state fuel entity Ceylon Petroleum Corporation (CPC) Janaka Rajakaruna told reporters that the West Texas Intermediate (WTI) crude oil would be invited to participate in Sri Lanka's competitive tender bids to buy crude oil.
Sri Lanka currently buys its entire crude oil requirements from Middle Eastern sources.
'We are open for competitive bids to supply crude by WTI," Rajakaruna said.
He added that before an invitation is extended for the competitive bidding process, steps would be taken to obtain samples from WTI to test whether the crude could be refined in the CPC refinery.
Since April, with the imposition of 44 per cent tariffs by the US, Sri Lanka has been negotiating with the US Trade Representative's Office.
The US brought the tariff down to 30 per cent in a letter sent by the Trump administration.
Industry leaders emphasised the need for further negotiations, warning that high tariffs could lead to significant job losses and hamper Sri Lanka's ongoing International Monetary Fund-supervised economic recovery. PTI CORR GRS GRS GRS
view comments
First Published:
July 21, 2025, 20:00 IST
Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


New Indian Express
11 minutes ago
- New Indian Express
Congress sidelines ally NC with solo push for J&K statehood, raising pressure on ruling party
SRINAGAR: For the first time since the formation of the Omar Abdullah-led government in Jammu and Kashmir last year, the Congress party has pushed its ally, the National Conference (NC), into an uncomfortable political corner. By unilaterally stepping up its campaign for the restoration of statehood, Congress has not only bypassed its long-time partner but also taken the battle to the national stage on its own terms. Congress, which contested the 2024 J&K Assembly elections in alliance with NC and won six seats, has so far refused to join the government, maintaining it would only do so once statehood is restored. Now, the party has intensified its push by organising protests in Srinagar, Jammu, and at Jantar Mantar in Delhi. Top Congress leaders, including party president Mallikarjun Kharge and Leader of the Opposition in the Lok Sabha Rahul Gandhi, have written to Prime Minister Narendra Modi, demanding that a bill to restore statehood be introduced during the ongoing monsoon session of Parliament. Congress's assertive stance appears to have caught the NC off guard. While the NC campaigned on restoring Article 370, the issue was effectively shelved after the party formed the government.


Time of India
13 minutes ago
- Time of India
‘Probably will know in an hour…': Donald Trump and EU chief begin trade deal talks in Scotland; seen as make-or-break
Donald Trump trade deals (AI image) US-EU trade deal: US President Donald Trump has begun trade deal talks with European Union chief Ursula von der Leyen in Scotland. Ahead of the talks, Trump spoke of the likelihood of a trade deal saying, '. .probably will know in an hour.' Trump and Ursula von der Leyen are looking to resolve a prolonged transatlantic trade dispute as the deadline approaches. Earlier Trump indicated a 50 percent probability of reaching an agreement with the European Union, which faces a reciprocal tariff of 30% unless a trade agreement is secured by August 1, with US officials confirming on Sunday that "no extensions" would be granted. Von der Leyen's European Commission, representing EU member states, is actively pursuing an agreement to protect trade relations valued at $1.9 trillion annually in goods and services. An EU diplomatic source told AFP that a framework for agreement emerged following late-night discussions on Saturday, several crucial matters remained unresolved. The ultimate decision remains with Trump. A diplomatic source was quoted as saying that while a political agreement exists, it awaits Trump's approval, who is maintaining negotiations until the final moment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If you have a mouse, play this game for 1 minute Navy Quest Undo The suggested arrangement includes a standard 15% tariff on European Union exports to the US, matching Japan's agreement, with exemptions for crucial industries such as aircraft and spirits, excluding wine. EU member states must ratify any agreement. Their ambassadors, whilst in Greenland, received updates from the commission and planned subsequent meetings following potential agreement confirmation. The EU representative indicated that the 27 nations broadly supported the proposed arrangement, whilst maintaining their established negotiating positions. The summit between Trump and von der Leyen is taking place at Turnberry along Scotland's southwestern shoreline, at the president's golf establishment, where he spent considerable time playing over the weekend. Trump, aged 79, expressed on Friday his aspiration to achieve a significant agreement with the EU. "I think we have a good 50-50 chance," the president stated, noting approximately 20 unresolved matters. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now


Time of India
21 minutes ago
- Time of India
Trump says US very close to a deal with China, 50-50 chance of having a deal with EU
US President Donald Trump today said that the United States is very close to a deal with China. During a press briefing with European Commission President Ursula von der Leyen , Trump also said that there is a 50-50 chance of having a US-EU trade deal but he said that the main sticking point is the fairness.