Two year struggle by Sri Lanka investment agency to get land for refinery
ECONOMYNEXT – Sri Lanka now has almost 10 billion US dollars in committed investments, including in two oil refineries, but to get land released for one has taken two years, the head of the investment promotion agency said.
Board of Investment chairman Mangala Yapa said foreign investments have picked up in recent years with 451 approved projects of which agreements have been signed for 360.
An oil refinery with an investment of almost four billion dollars is at the approval stage, with an agreement partly signed, he told a conference held by the Chartered Institute of Logistics and Transport, Sri Lanka.
“The environmental impact assessment is to start soon. This investment will take four years to realise,” Yapa said.
Another, bigger refinery project was also planned on the south coast, he said.
“There is one more refinery planned with 15 billion dollars investment in its first phase that will transform Hambantota port.totally in marine bunkering and oil trade,” Yapa said.
“But I’ve been struggling for two years to get land released for this investment.”
(COLOMBO, 24 October 2019)