Sri Lanka breaks ground for oil refinery with Indian investments |
Sri Lanka began construction of a $3.85 billion oil refinery next to a Chinese-run port as part of a joint venture between India`s Accord Group and Oman`s Oil Ministry, the island nation`s biggest foreign direct investment (FDI) ever. Prime Minister Ranil Wickremesinghe, whose 70th birthday coincided with the ground-breaking ceremony, said that with investments coming from India, China and Oman, ambantota is set to become a multinational investment zone.Oman and Sri Lanka have centuries-old relationships, Oman`s Oil and Gas Minister Mohammed Hamad Al Rumhi said at the ceremony. The $3.85 billion project is the single largest FDI in the island nation`s history.The refinery project, expected to complete in four years, came under criticism last week when a media report claimed that the government of Oman had rejected any knowledge of the project.China has acquired the Hambantota port for a 99-year lease as a debt swap.Beijing on March 21 said that it is “not narrow minded” to oppose the Indian investments in Sri Lanka, as it reacted guardedly to the $3.85 billion joint venture between India`s Accord Group and Oman`s Oil Ministry.
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