US official in town to discuss Iran oil sanctions

Saturday, 4 February 2012 00:00 - - {{hitsCtrl.values.hits}}

Deputy Assistant Secretary of the United States Department of the Treasury Luke Bronin arrived in Sri Lanka Thursday with a four-member delegation.

The Deputy Assistant Secretary is in the island to hold discussions with Sri Lankan Government officials on how the US sanctions imposed on Iran will affect Sri Lanka and the available options regarding the sanctions.

The US official has met with Minister of Industry and Commerce of Sri Lanka Rishad Bathiudeen at the Ministry yesterday and briefed the Minister on the US sanctions on Iran, news agency Lankapuvath said.

The Minister has enlightened the visiting official on the post-war economic progress Sri Lanka has achieved after the 30 years of war ended in May 2009.

Both Bathiudeen and Bronin have discussed the need for increased collaborative efforts in trade engagements between the two countries.

The Deputy Assistant Treasury Secretary has also met with senior Government officials to learn about the financial institutions in the country.

The US sanctions on Iran will severely affect Sri Lanka as the nation depends almost entirely on Iran for its crude oil supplies.

Sri Lanka imports 93 per cent of its crude oil requirement from Iran and the country’s only refinery at Sapugaskanda that processes 50,000 barrels per day can only process Iranian crude.