Sri Lanka has worked out a barter system of trading in tea for oil to Iran that is to commence from next month. Plantation Industries Minister Navin Dissanayake said.
The minister said at a media briefing held at the Sri Lanka Tea Board on Thursday that they had already discussed with the Ceylon Petroleum Corporation (CPC) and had confirmation from Iran to carry out this barter system following the trade sanctions imposed against Iran by the US.
The US$240 million debt in purchasing oil by CPC from Iran would be paid off by the tea exports, the minister said.
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