A Memorandum of Understanding has been signed between the Ministry of Plantation and the Ministry of Industry, Mines and Trade of the Islamic Republic of Iran to settle the oil loan purchased from Iran with tea.
The Ceylon Petroleum Corporation has to pay US $ 251 million for oil purchased from Iraq.
According to the agreement, US $ 5 million worth of tea is exported to Iran every month, and the Sri Lankan authorities have agreed to systematically settle the value of fuel borrowed to Sri Lanka for the past four years.
