British Asia News Network- AD
Colombo:The Board of Investment of Sri Lanka has confirmed that construction will start within a week on the refinery and storage facility jointly funded by Oman’s Ministry of Oil and Gas and a Singapore-registered company.
The joint venture investment would be $3.85 billion which is single biggest foreign investment in the nation’s history.
Mr. Nalin Bandara Deputy International trade minister told he expected the refinery, which will eventually produce 200,000 barrels a day, to be fully operational within four years.
“This is the biggest single foreign investment (in Sri Lanka’s history),” he told reporters in Colombo.
The next biggest investment is a $1.4 billion land reclamation project next to Colombo port.
Refinery project will be funded upto 30% by Oman and rest by Singapore-based Silver Park International, which is majority owned by a business interest in India.