Sri Lanka says approved US$36n in FDI with US$24bn refinery

ECONOMYNEXT – Sri Lanka’s investment promotion agency has approved a 24 billion dollar refinery and petro chemical complex taking total investments approved in 2019 to 36.4 billion dollars, an official said.

Singapore based Sugih International Pte Ltd, is the main promoter of a complex which will be built in Hambantota in southern Sri Lanka, Mangala Yapa, head of Sri Lanka’s Board of Investment said.

The plant will process about 21 million tonnes of material annually, or about 420,000 barrels daily.

The BOI had signed the agreement on November 14, with Hambantota Oil Refinery Pvt Ltd, the project company.

It may take another six months to get environmental clearances, he said.

Another refinery approved earlier will have a capacity of 10 million metric tonnes a year.

About 8.5 billion US dollars of other investments had also been approved.

The approved investments will take 2 – 5 years to flow to Sri Lanka. (Colombo/Nov14/2019)