Sri Lankan Minister of Petroleum Industries Susil Premajayantha held discussions with an Indian delegation led by the Minister for , Murli Deora.
The two ministers discussed the progress in cooperation in the hydrocarbon sector and expressed satisfaction at the bilateral developments.
Indian delegation comprisec Petroleum Secretary S. Sundareshan, CEOs of Oil Public Sector Units (PSUs) and other senior officers of Ministry.
Minister Premajayantha has pointed out that the presence of India's subsidiary Lanka IOC could be strengthened further.
Lanka IOC, a major fuel distributor in Sri Lanka operates 152 retail outlets in the country.
The Minister has told the delegation that Sri Lanka is calling for expression of interest to upgrade its refinery from 2 Million Metric Tonne Per Annum (MMTPA) to 4 MMTPA and IOC could take part in the effort.
The Minister has said that the decision to revise petrol and diesel prices would be taken after presentation of the Budget 2011 on November 22nd.
The two sides agreed to share data and information on the geological basins on the two sides of the border, being similar in nature. This will help greater cooperation in the exploration of hydrocarbons.
Sri Lankan government has signed a Petroleum Resources Agreement in 2008 with Cairn India to explore and produce hydro - carbon and natural gas in the Mannar Basin in Northern Sri Lanka.
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