Sri Lanka in talks with Russia to buy oil: foreign ministry

Sri Lanka is engaged in negotiations with Russia to secure long-term oil supplies, according to statements from the Sri Lankan embassy in Moscow. Ambassador Shobini Gunasekera confirmed that the Sri Lanka State Oil Corporation is discussing both liquefied natural gas (LNG) imports and the modernization of the country's oil refinery to facilitate uninterrupted Russian oil deliveries. While no formal agreements have been signed, the talks reflect Sri Lanka's efforts to diversify energy sources amid ongoing economic challenges.

Russia has emerged as a key supplier of fuels to Sri Lanka in recent years. Data from 2023 indicates that the Russian Federation ranked among the top countries from which Sri Lanka imported fuels, alongside the United Arab Emirates, Singapore, and Malaysia. The current negotiations build on this existing trade relationship, with Sri Lanka seeking to stabilize energy imports as part of broader measures to address fuel shortages and inflationary pressures.

The discussions also highlight shifting global energy dynamics, particularly as Sri Lanka seeks alternatives to traditional suppliers in the Middle East and Asia. However, the outcome of the talks remains contingent on technical and financial terms, including infrastructure upgrades and pricing mechanisms. The Sri Lankan government has emphasized the need for "uninterrupted supplies," underscoring the strategic importance of securing reliable energy partnerships.

As negotiations continue, stakeholders will monitor developments closely, given the potential implications for regional energy markets and Sri Lanka's economic recovery trajectory.