CURRENT AFFAIRS

Detailed explanation-1: -COLOMBO (Reuters) - India’s Accord Group and Oman’s Ministry of Oil and Gas have signed a $3.85 billion deal to build an oil refinery in Sri Lanka, the biggest single pledge of foreign direct investment ever made in the country.

Detailed explanation-2: -(Oil and Natural Gas Corporation) ONGC is the largest crude oil and natural gas company in India, contributing around 70 per cent to Indian domestic production.

Detailed explanation-3: -The Indian Petroleum refining sector has come a long way since crude oil was discovered and the first refinery was set up at Digboi in 1901.

Detailed explanation-4: -Indian Oil group owns and operates 11 of India’s 23 refineries - ranging from the oldest one in the country at Digboi (capacity - 0.65 MMTPA) which commenced operations in 1901, to the latest at Paradip (capacity - 15 MMTPA) which was dedicated to the nation in 2016.

Detailed explanation-5: -Output from the Sapugaskanda oil refinery meets 40 percent of Sri Lanka’s demand for refined fuels, while the government imports 60 percent of the refined fuels consumed domestically. A feasibility study was carried out in 2021, however the government has yet to publish a Request for Proposals (RFP).