Sri Lanka calls for EOIs for export-oriented oil refinery in Hambantota.
The Government of Sri Lanka has decided to call for an Expression of Interest (EOI) to set up an export-oriented oil refinery in Hambantota with the aim of boosting foreign direct investments (FDIs) to the country.
“There is a possibility of establishing an export-oriented refinery in the Hambantota area, and it has been observed that many foreign investors are interested to invest in it,” Cabinet Co-Spokesman, Minister Bandula Gunawardena has told a post Cabinet press briefing.The proposal to call for EOIs was submitted by Sri Lanka’s Power and Energy Minister Kanchana Wijesekara and was approved by the Cabinet of Ministers.
According to Gunawardena, Sri Lanka can have hopes for such projects to attract FDIs given the foreign investor appetite for such projects. The Minister has further noted that the Power and Energy Minister would provide more details of the project in the coming days.
OSL take:
Sri Lanka’s development programme presents a host of new business/investment opportunities for foreign businesses/investors. The country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s image as an emerging business destination in the South Asian region. The proposed new oil refinery for export to be set up at the Hambantota Port presents yet another lucrative business/investment opportunity. With Sri Lanka also focusing on proceeding with the oil exploration programme in the country’s northern and North Western seas, setting up an export-oriented oil refinery would undoubtedly provide a quick return on investment (ROI). Sri Lanka’s growing business potential will see further expansions in the near future.
| Article Code : | VBS/AT/25012023/X_1 |