Sri Lanka gets oil refinery, steel plant investments from Singapore
ECONOMYNEXT – Sri Lanka’s investment promotion agency has approved investments for a steel manufacturing plant and an oil refinery, Minister of Development Strategies and International Trade Malik Samarawickrama said.
“Already this year, the Board of Investment has approved in principle a billion dollar steel manufacturing plant in (eastern) trincomalee,” he told a post-budget forum held by Ernst & Young the day after the government’s 2019 budget was presented in parliament.
“The BOI has approved another proposal for a four billion dollar export-oriented oil refinery, although it will take about three and a half years to set up the plant.”
The refinery will be in southern Hambantota, where there is a large port run by a Chinese company.
“These two large investments are from Singaporean companies – the refinery and steel manufacturing plant – using the Free Trade Agreement for their investments,” Samarawickrama said.
“They will show the world we are ready for business.”
(COLOMBO, March 06, 2019-SB)