ECONOMYNEXT – A agreement for a 5 billion US dollar refinery to be built by China in Sri Lanka’s Hambantota district will be submitted to cabinet for consideration next week, Energy Minister Kanchana Wijesekera said.
“We have included in the agenda of the cabinet the awarding of the contract for the Hambantota new oil refinery,” Minister Wijesekera told parliament.
“If the cabinet approves, after the agreement is signed, it will be the single largest investment project ever. A 5 billion US dollar investment.”
The project will take about four to five years to complete.
“After it is completed, it will create jobs, provide energy security and give an opportunity to increase exports,” Wijesekera said.
Sri Lanka is giving state land in the Southern Hambantota district for the project. China’s Sinopec was awarded the project after the second short-listed contender pulled out, Minister Wijesekera said last month. (Colombo/Nov22/2023)