COLOMBO (News 1st); Sri Lanka and Iran on Tuesday (21) signed a Memorandum of Understanding (MoU) to settle $ 251 million worth of credit outstanding with Ceylon Petroleum Corporation (CPC) with supply of tea of equivalent value.The Plantation Ministry and Iran’s Ministry of Industries, Mines and Trade were the signatories of the MoU.
Under the scheme, $ 251 million outstanding from CPC to Iran’s National Iranian Oil Company will be settled via the export of Ceylon Tea to Iran.The Ministry of Plantation of Sri Lanka and the Ministry of Industries, Mines and Trade of the Islamic Republic of Iran agreed to formulate a scheme for the settlement of a sum of US$ 251 Million outstanding from the Ceylon Petroleum Corporation to the National.