// IP Marketing video - START// IP Marketing video - END

Iraq offers crude to Sri Lanka ahead of Iranian ban

Iraq offers crude to Sri Lanka ahead of Iranian ban

PanARMENIAN.Net - Iraq has come forward to offer "substantial quantities" of crude oil to Sri Lanka, as the island desperately looks for alternatives to Iranian crude, AFP reported.

Iran supplies nearly 92 percent of Sri Lanka's imported crude. But supplies have hit a snag in the face of US-led sanctions aimed at spurring Tehran to abandon its nuclear programme.

The Colombo-based Sunday Times newspaper quoted Petroleum Ministry officials saying that Sri Lanka would stop crude oil imports from Iran from March 29, ahead of the US June 28th deadline.

Any country importing goods from Iran after would be subject to US penalties.

Sri Lanka's refinery, built with Italian technology in 1968, can handle Iranian or Saudi light crude and talks were underway to get more Saudi oil, as well as increase refined petroleum product imports from Iraq and Oman.

India has said it will continue to import oil from Iran, joining China in refusing to bow to intensifying US pressure not to do business with the Islamic republic.

The West fears Iran is trying to build a nuclear bomb.

Tehran insists its nuclear programme is only for civilian use and refuses to scrap its uranium enrichment activities, ramping up its programme in the wake of recent Western economic sanctions against its finance and oil sectors.

 Top stories
The Armenian grandmaster beat Hikaru Nakamura of the United States to take the leader's position and become world's number 2.
The delivery of the latest weapons has been carried out in accordance with the intergovernmental agreement between the two countries.
For the 12th year in a row, Allstate Insurance has placed Glendale near the bottom of its list of U.S. cities with the safest drivers.
The construction of the mosque complex began in 2012, which was designed in accordance with classic Ottoman architecture.
Partner news