Sri Lanka to Buy Iraqi Oil after US Sanctions on Iran

By John Lee.

Sri Lanka is to purchase oil from Iraq after the US imposed new sanctions on Iran.

According to a report from AFP, the US Senate unanimously approved new economic sanctions on Friday aimed at further crippling Iran's energy, shipping and port sectors, a year after Congress passed tough restrictions against Tehran.

Sri Lankan foreign ministry secretary Karunatillaka Amunugama told the Sunday Times:

"Oil in northern Iraq is similar to Iranian crude and could be refined (domestically), thereby reducing costs on the import of refined products."

Sri Lanka has relied on Iran for 92 percent of its crude oil requirements.

(Source: AFP)

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