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| Sunday, 23 April 2006 |
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Egypt pledges to help Lanka in oil exploration by Lalin Fernandopulle The Minister for Oil Distribution in Egypt has promised to help Sri Lanka to gather offshore data on oil deposits for exploration this year. The Government of Egypt will get expertise to carry out seismic surveys, Minister of Transport, Petroleum and Petroleum Resources A.H.M. Fowzie said. It is time the country explores its oil deposits instead of depending on imports which is a burden on the economy.Therefore it is opportune that we get the assistance of Egypt who could provide us with the know-how and funds to implement the project. Fowzie said CGS Nopeck, a Norwegian company in Australia has undertaken to carry out seismic surveys which is estimated around US $5 million. The country will maintain the royalty though the company will have the right to sell the data to another organisation that plans to explore oil deposits in the country. According to the agreement we will not have to pay the Government of Egypt for the data furnished but would have the right to sell the data to continue explorations in the country. The recent escalation of violence in Nigeria and the rift between Iran and the West has an adverse impact on oil prices. A project of this nature would definitely benefit the economy of the country in saving large amounts of foreign exchange with the rising world fuel prices. With crude oil prices reaching US $ 70 per barrel the burden is on the government to subsidise it for the public, Fowzie said. The recent surge in fuel prices has heaped a burden on the average public who have to pay the price. The Rs. 8 increase per litre in petrol, diesel and Kerosene would reflect on bus fares and prices of all essential commodities. The request made by private bus operators for a 26 percent increase in bus fares is not permissible and is totally unfair. The government will not agree to such unreasonable demands. Fowzie said we have maintained friendly relations with Egypt for several years and this agreement would strengthen ties between the two countries. |
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