Oil bonds Uganda and Sri Lanka

Museveni signs a visitor’s book as the Sri Lanka resident Mahinda Rajapaska looks on.

Sri Lanka has pledged closer ties with Uganda and one of the reasons that the Sri Lankan minister of foreign affairs, Professor G.L. Peiris gave for the need for closer ties between the two countries was the fact that Sri Lanka and Uganda were faced with similar challenges especially in their oil and gas sectors.  He said such challenges presented a unique opportunity for collaboration.

 

Like Uganda, the South Asian Country is seeking to build an oil refinery for its nation. The Sri Lankan government is in the hunt for a US$ 2.5 billion loan in order to set up a new refinery. China, South Korea, Italy, Turkey and the US are among the countries with which the government is exploring the possibility of establishing a new refinery. It is hoped that its new project would help to reduce the amount spent on imported refined fuel in Sri Lanka. Here is the more detailed story Sri Lanka pledges closer ties with Uganda

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