China to build LNG power plant, oil refinery and dockyard in Hambantota

ECONOMYNEXT – China plans to build a liquid natural gas fired power plant an oil refinery and a dockyard involving 4.0 billion US dollars at Hambantota Port, a senior minister had said.

Sri Lanka is selling 80 percent of Hambantota Port to China Merchant Port Holdings, a state firm for 1.12 billion US dollars.

Sri Lanka’s Daily Mirror newspaper quoted minister for development strategies Malik Samarawickrema as saying that the investment will come within the next two to three years.

The port has a 1,200 acre industrial zone around it.

China is expected to invest a further 5.0 billion in industrial zones in Matara, Empilipitiya, Moneragala where up to 2,600 factories would be built.

The zones will involve 15,000 hectares of land where around 90 percent of the land will be from the government.

The firms will give direct employment to up to 90,000 people, Samarawickreme had said. Another 310,000 indirect opportunities may come.

China now pays about 500 to 600 dollars per worker but in Sri Lanka the salaries are about 150 to 200 dollars, Samarawickreme had said.






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