Sri Lankaâ€™s Laugfs to borrow US$42.6mn for gas terminal
ECONOMYNEXT – Laugfs Terminals Limited, part of Sri Lanka’s Laugfs Holdings group, is to borrow US$42,6 million from state-owned People’s Bank to fund construction of its gas terminal in the southern Hambantota port.
A stock exchange filing said Laugfs Terminals Limited will get a corporate guarantee from the listed Laugfs Gas PLC for the amount of the loan.
The liquid petroleum gas terminal at Hambantota, on which construction began in January 2016, will have a capacity of 30,000 metric tonnes and cost $71.5 million, it said.
The Laugfs terminal, for import and re-export of LPG, is being built by China Huanqiu Contracting & Construction Corporation.
(COLOMBO, March 28, 2017)