Steps have been taken to obtain crude oil for the Sapugaskanda Oil Refinery by July 2022.
The Cabinet of Ministers approved the proposal tabled by the Minister of Energy to procure crude oil for the Sapugaskanda Oil Refinery.
The Energy Minister submitted the proposal based on an uninvited proposal made by the Terra Nevis Group in Cyprus to supply the crude oil required for the refinery.
The proposal was to buy a shipment of 450,000 crude oil barrels on a 180-day credit scheme.
The matter had been evaluated by the Special Standing Procurement Committee appointed by the Cabinet.