Alexey Miller, Chairman of the Gazprom Management Committee and Mahinda Rajapaksa, President of Sri Lanka held a working meeting today as part of the St. Petersburg International Economic Forum 2011.

The meeting participants considered the prospects for bilateral cooperation in the energy sector, particularly, the potential for participation of Gazprom in hydrocarbons exploring and producing offshore Sri Lanka. The parties also discussed the topical issues of the global energy market development.

Background

Biomass fuel (48.02 per cent of total energy consumption) and oil import (44.38 per cent) underlie Sri Lanka's energy sector. The hydropower plants located in the country's central region generate electric power in a small amount (7.56 per cent) and a minimum amount (0.04 per cent) is produced from the alternative energy sources.

The country's fuel and energy sector is regulated by the Sri Lankan Ministry of Power and Energy and the state-owned Ceylon Electricity Board (CEB).

According to the Sri Lankan Government, there are indigenous energy resources in the Republic. By now, eight petroleum blocks have been identified in the Mannar Basin off the northwestern coast of Sri Lanka.