The Cabinet of Ministers has given the go-ahead to purchase 450,000 barrels of crude oil from a Cyprus-based company for the Sapugaskanda Oil Refinery through a 180-day loan scheme.

The government stated that the Terra Nevis Group in Cyprus has made an uninvited proposal to supply crude oil required for the refinery.

Through this arrangement, the refinery will be able to obtain the necessary crude oil stocks by July 2022.

The proposal to supply crude oil under the 180-day loan scheme was evaluated by the Special Standing Procurement Committee appointed by the Cabinet of Ministers and it has recommended supplying a shipment of 450,000 barrels, the government said.

Accordingly, the Cabinet of Ministers approved the proposal made by the Minister of Energy to procure crude oil in accordance with that recommendation.