Sri Lanka eyes on fossil fuel deposits to manage foreign debt crisis

Sri Lankan Minister of Energy Udaya Gammanpila says that the country has identified oil and gas deposits currently valued US $ 240 billion. 

The Minister’s statement about oil and gas deposits shows the Sri Lanka government interest in exploring the oil and gas deposits to manage the foreign debt crisis the country currently faces.  

The Minister told Daily Mirror that Sri Lanka could well tide over the issue related to its foreign debt sustainability if it harnessed the full potential of these offshore oil and gas resources.

“Our foreign debt amount is around the US $ 45 billion. But, we have oil and gas deposits valued US$ 240 billion,” he said.  

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