"This (refinery) has old technology. After the refurbishment with the new technology, we can use many crude oils," Petroleum Industries Minister Susil Premajayantha told Reuters in an interview.
"It is not going to cost more than $500 million. We are in the process of finding some donors or lenders."
At present, Sri Lanka uses 93 percent Iran crude at its decades-old refinery, but the government has announced it will reduce this up to 20 percent due to the U.S. sanctions on Iran crude imports. (Reporting by Ranga Sirilal; Writing by Shihar Aneez; editing by James Jukwey)