Sri Lanka, Aug. 24 -- The Ministry of Power and Energy has invited Expressions of Interest (EOIs) from local and foreign investors to expand the Sapugaskanda Oil Refinery, the country's only petroleum processing facility, in a move that underscores domestic energy needs and rising regional competition.

The proposed upgrade will increase the capacity to 100,000 crude oil barrels per day, doubling output at the 1969-established refinery, which currently meets only around 30 percent of the national fuel demand.

It is generally cheaper to import crude oil and refine it, than importing finished petroleum products such as petrol and diesel which cost more in the world market. However, Sapugaskanda has been configured to handle only certain va...