Bankrupt Sri Lanka Takes Russian Crude As Fuel Crisis Depletes Stocks, Mulls Loan From China
https://www.zerohedge.com/commodities/bankrupt-sri-lanka-takes-russian-crude-fuel-crisis-depletes-stocksA foreign exchange shortage has resulted in the worst financial crisis Sri Lanka has ever endured, with shortages of everything from food to crude. Fuel supplies are down to just days, food has run out at supermarkets, and social-economic chaos has unfolded across the island country in South Asia.
However, there's short-term hope, and somehow the bankrupt country found enough money to pay for a shipment of Russian crude.
Bloomberg said Ceylon Petroleum Corp., the country's only refinery, is set to take shipment of Russian grade Siberian Light on May 28. It will be the first time the refinery has processed crude to produce high-value products such as gasoline and diesel in two months.
Fuel supplies on the island nation are so low that the government has told citizens to stop waiting in long lines at filling stations. The government has run out of foreign reserves to pay for essential imports.
It is really dire in Sri Lanka.
