The Ministry of External Affairs says that a Memorandum of Understanding (MoU) has been signed for the exchange of tea for oil. That is between Sri Lanka and Iran.

This is being implemented to make arrangements to pay the arrears owed by the Ceylon Petroleum Corporation to the National Oil Company of Iran.

 The Ministry of Plantation of Sri Lanka and the Ministry of Industry, Mines and Trade of the Islamic Republic of Iran signed a Memorandum of Understanding on the 21st of this month.