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Sri Lanka approves Petronet, Japanese LNG terminal deal

ECONOMYNEXT – Sri Lanka’s Cabinet of ministers this week approved plans for a deal with India’s Petronet and Japan’s Sojitz Corporation and Mitsubishi to build a Liquid Natural Gas terminal and floating natural gas terminal on the west coast.

Government spokesman Minister of Lands Gayantha Karunatilleke said a trilateral memorandum of understanding is to be signed between Sri Lanka, India and Japan on the LNG terminals at Kerawalapitiya.

The proposal was put forward by Development Strategies and International Trade Minister Malik Samarawickrama and Ports and Shipping Minister Mahinda Samarasinghe.

Under the deal Sri Lanka’s government will hold 15% in the proposed joint venture through Sri Lanka Gas Terminal Ltd., Petronet LGN Ltd of India will have 47.5% and Japan’s Sojitz Corporation and Mitsubishi 37.5%.

(COLOMBO, February 28, 2018)

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