Sri Lanka begins construction of $3.85 billion oil refinery backed by Indian firm, Oman


Sri Lanka begins construction of $3.85 billion oil refinery backed by Indian firm, Oman

Sri Lanka on Sunday began construction of a USD 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 ever.

Prime Minister Ranil Wickremesinghe, whose 70th birthday coincided with the ground-breaking ceremony, said that with investments coming from India, China and Oman, Hambantota 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 Rumhy said at the ceremony. The USD 3.85 billion project is the single largest foreign direct investment 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. Read  More

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