COLOMBO (EconomyNext) – The Sri Lankan government said it is seeking local or foreign private investment to restart a state-owned chemicals plant in the north that has been defunct for 30 years owing to war.
"We are looking to restore the northern factories of Paranthan Chemicals Company (PCC)," declared Rishad Bathiudeen, Minister of Industry and Commerce.
"PCC officials inform me the northern factories could be revived with an initial investment of 300-400 million US dollars. We invite both local and global investors for this venture.”
Northern factories of PCC became inactive in 1985 as the ethnic war intensified forcing the island to depend on the import of chemicals like chlorine.
Bathiudeen said the PCC now imports Sri Lanka’s entire liquid chlorine needs most of which is taken by the Water Supply and Drainage Board to provide safe drinking water.
The company has just opened a chlorine warehouse facility located at Wagawatte Industrial Zone, Horana, south of Colombo, a ministry statement said.