Oman Oil Co (OOC) has signed a memorandum of understanding with Sri Lanka's Ceylon Petroleum Corp (CPC), as the South Asian country seeks to reduce its dependence on Iranian oil in the face of ongoing US sanctions threats, Muscat Daily has reported. Oman Trading International (OTI), a subsidiary of OOC which sells Oman's crude through the Dubai Mercantile Exchange, is already the major supplier of liquefied petroleum gas (LPG) to the Sri Lankan domestic market. "We are looking at expanding our business portfolio to supply other refined products and possibly crude, as Sri Lankan demand is set to grow in the future," said OTI chief executive, Talal al Aufy.