According to reports, the Saudi Arabian government has indicated an initial agreement to provide fuel worth $6 billion per year on a credit basis for a term of five years.
According to government sources, Environment Minister Naseer Ahmed, who visited Saudi as a special representative of President Ranil Wickremesinghe, has expressed this initial agreement in discussions with the Saudi authorities.
It is also said that the discussions focused on supplying fuel to Sri Lanka under a five-year loan plan and Mr. Ahmed also urged the Saudi authorities to invest in Sri Lanka.
Agriculture, fertilizer production, construction of petroleum storage facilities, the establishment of fuel supply stations, modernization and expansion of refineries, mineral resource opportunities, and getting Saudi investments in Sri Lanka to promote renewable energy have been discussed there.
