Oman and Singapore to invest US$ 3.85 billion to set up oil refinery in Southern EPZ
A Foreign Direct Investment (FDI) of US$ 3.85 billion from Oman and Singapore is to set up an oil refinery in Sri Lanka’s Export Processing Zone in the southern city of Mirijjawila.
According to reports, the refinery complex will be spread out over 200 acres and will be the first oil refinery set up in the country after several decades and will be capable of generating US$ 7 billion worth of export revenue per annum when fully operational.
Sri lanka’s state investment promotions agency, the Board of Investment (BOI) has reportedly announced that the laying of the foundation stone for this massive project will take place on Sunday (24) at the Mirijjawila zone.
The entire project is expected to be completed in four years.
The Singaporean investor is Silver Park International Pte Ltd and from Oman it will be the Sultanate of Oman Ministry of Oil and Gas.
OSL take:
Sri Lanka has been recording a continuous growth in foreign direct investments to the country and the proposed investment in an oil refinery by Oman and Singapore is one such large scale project that has enticed foreign investors. Sri Lanka has taken many steps to improve the ease of doing business environment in the country and the current development drive has made the country an attractive business destination for foreign businesses/investors.
| Article Code : | VBS/AT/22032019/Z_2 |