Sri Lanka awards contract to construct three oil storage tanks to Indo-East Engineering and Construction

Sri Lanka awards contract to construct three oil storage tanks to Indo-East Engineering and Construction

The government of Sri Lanka has awarded a Rs. 942.47 million contract to construct three oil storage tanks at the Kolonnawa oil storing complex to Indo-East Engineering and Construction Lanka Ltd.
The Cabinet of Minister had reportedly approved the contract subject to the recommendation of the Cabinet-appointed Procurement Committee.

The procurement, construction, and operation of the three oil storage tanks within the Kolonnawa oil storing complex will be undertaken by this company and the proposal was submitted to the Cabinet of Ministers by Sri Lanka’s Energy Minister Udaya Gammanpila.
Gammanpila has told reporters that there were two instances in the past where the delay in imports of fuel reaching the country had led to shortages, thus causing much inconvenience to the people.
According to the Minister, with the building of the new storage tanks, a repeat of such instances could be avoided.

OSL take:

The recommencement of Sri Lanka’s development agenda has opened up many business/investment opportunities in the country. Sri Lanka is gearing itself to be a business hub in the South Asian region with China placing much importance on the island in its belt and road initiative (BRI). All this has upped Sri Lanka’s value as a potential business destination. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka. 

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Article Code : VBS/AT/20200915/Z_1

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