The discussions on the matter are still ongoing, the minister said.
"We expect to finalise the deal after another two rounds of talks," the newspaper quoted Karunatilake as saying.
The country has sufficient oil reserves until the end of July, he said, stressing that ensuring uninterrupted fuel and electricity supplies remains Sri Lanka’s top priority.
The move comes amid disruptions to global energy markets linked to tensions affecting key routes such as the Strait of Hormuz, a vital corridor for oil and liquefied natural gas supplies.