Tuesday, November 24, 2020 | ePaper

Sri Lanka wins record foreign investment in oil project

  • Print
AFP, Colombo :
Sri Lanka announced Tuesday that an overseas joint venture had committed $3.85 billion to a new oil refinery - the single largest foreign investment in the country's history.
The Board of Investment of Sri Lanka said construction would begin this weekend on the refinery and storage facility jointly financed by Oman's Ministry of Oil and Gas and a Singapore-registered company.
Deputy international trade minister Nalin Bandara said he expected the refinery, which will eventually produce 200,000 barrels a day, to be fully operational within four years.
"This is the biggest single foreign investment (in Sri Lanka's history)," he told reporters in Colombo.
It is more than double the next largest foreign investment - a $1.4 billion land reclamation project next to Colombo port.
Oman will fund 30 percent of the new oil project while Singapore-based Silver Park International, which is majority owned by a business interest in India, will finance the rest.
It is being constructed near the port of Hambantota, which was leased to a Chinese state-owned enterprise in 2017 for 99 years after Sri Lanka was unable to service a loan from Beijing.
The circumstances surrounding China's acquisition of that port, along one of the world's busiest shipping lanes, generated concern in neighbouring India and beyond over Beijing's expanding presence in the Indian Ocean.
Bandara said new lines of cash pouring into the region showed foreign investors were not deterred by that experience.
"The latest investment shows that companies in other countries too are interested in going to Hambantota," Bandara said.
Sri Lanka attracted a record $2.37 billion last year in foreign direct investment, up 38 percent compared to the previous year, official figures show.
Several major proposals were put on ice late last year as Sri Lanka reeled from a constitutional crisis, with rival factions of government claiming the right to rule the country.
Calm was restored after the Supreme Court ruled President Maithripala Sirisena acted illegally when he sacked his prime minister and parliament, and called snap elections.
Sirisena's opponents blamed the president for unnerving foreign investors at a time Sri Lanka desperately needs to spur its ailing economy.

More News For this Category

AHM Khairuzzaman Liton, Mayor of Rajshahi City Corporation, distributing Rajshahi Furniture Cluster loans on behalf of Dhaka Bank as chief guest at a function held at a local auditorium in Rajshahi on Sunday.  Emranul Huq, Managing Director and CEO of Dhaka Bank Limited, Md. Sultan Masud Ahmed, Executive Director, Bangladesh Bank, Rajshahi, Md. Iftekhar Ali Babu, Central Co-President of National Small and Cottage Industries Association Bangladesh (NASEB), Md. Moniruzzaman, President of Rajshahi Chamber of Commerce and Industry and local elites were present.

AHM Khairuzzaman Liton, Mayor of Rajshahi City Corporation, distributing Rajshahi Furniture Cluster loans on behalf of Dhaka Bank as chief guest at a function held at a local auditorium in Rajshahi on Sunday. Emranul Huq, Managing Director and CEO of Dhaka Bank Limited, Md. Sultan Masud Ahmed, Executive Director, Bangladesh Bank, Rajshahi, Md. Iftekhar Ali Babu, Central Co-President of National Small and Cottage Industries Association Bangladesh (NASEB), Md. Moniruzzaman, President of Rajshahi Chamber of Commerce and Industry and local elites were present.

Govt plans view-exchange meetings on COVID-19 stimulus packages

The Finance Division will hold a series of view-exchange meetings to create much more awareness in all quarters over the various aspects of stimulus packages to offset the shock of

Samsung tops 3Q global smartphone market shares

Business Desk :Smartphone manufacturer Samsung has been reported to have reclaimed the top position in the global market in the third quarter of 2020 (3Q20). Preliminary data documented by the

British Airways wants to return to BD

Reuters :British Airways wants to resume operations in Bangladesh after more than a decade.The flag carrier of the United Kingdom has applied to the Ministry of Civil Aviation and Tourism

Stocks keep losing for fourth straight session IPO subscription of Robi concludes

Business Desk :Stocks extended the losing streak for the fourth straight session on Monday as cautious investors continued their sell-offs on sector-wise issues amid growing tension over the second wave

Moksedul Momin, Upazila Chairman of Syedpur, inaugurating a new showroom of Minister Group as chief guest recently. Md. Ashrafuzzaman, General Manager of the company and local businessmen were also present.

Moksedul Momin, Upazila Chairman of Syedpur, inaugurating a new showroom of Minister Group as chief guest recently. Md. Ashrafuzzaman, General Manager of the company and local businessmen were also present.

WTO aiming to net fishing deal

AFP, Geneva :Negotiations on banning billions of dollars in fisheries subsidies are coming to the crunch at the beleaguered World Trade Organization, with the deadline to net a deal fast

Bashundhara Group receives Superbrands Award for LP Gas

Business Desk :Bashundhara Group Vice-Chairman Shafiat Sobhan Sanvir has received Superbrands Award accorded to Bashundhara LP Gas Ltd (BLPGL). The United Kingdom-based agency has preferred to award BLPGL as recognition

ZM Ahmed Prince, Head of Brand and Business Development of Bashundhara Group, handing over the Superbrand award to Shafiat Sobhan Sanvir, Vice-Chairman of the group at a function at the company's head office in at Bashundhara Industrial Headquarters-2 in the city on Sunday.

ZM Ahmed Prince, Head of Brand and Business Development of Bashundhara Group, handing over the Superbrand award to Shafiat Sobhan Sanvir, Vice-Chairman of the group at a function at the company's head office in at Bashundhara Industrial Headquarters-2 in the city on Sunday.

Syed Waseque Md Ali, Managing Director of First Security Islami Bank Limited, inaugurating its sub-branch at Darogar Hat in Kelishahar in Patiya in Chattogram on Monday through virtually. Md. Mustafa Khair, AMD, Md. Zahurul Haque, DMD and other senior officials of the bank were present.

Syed Waseque Md Ali, Managing Director of First Security Islami Bank Limited, inaugurating its sub-branch at Darogar Hat in Kelishahar in Patiya in Chattogram on Monday through virtually. Md. Mustafa Khair, AMD, Md. Zahurul Haque, DMD and other senior officials of the bank were present.