Govt awards contract to IOC


The Government has decided to award the contract of purchasing refined petroleum products through the short-term loan facility of USD 200 million from the Export-Import Bank of India to the Indian Oil Corporation (IOC).

The proposal tabled by the Minister of Power has received the approval of the Cabinet.

Sri Lanka had called for bids for four procurements of diesel and petrol under the short-term loan facility of USD 200 million.

The decision to award the relevant contract to the IOC was taken upon the recommendation of the Cabinet Appointed Special Standing Procurement Committee.