May 04, 2017 (LBO) – One year into the construction of the LAUGFS LPG Import and Export Terminal in Hambantota, the first phase, with a 30,000 MT capacity, is on schedule for commissioning in the first half of 2018, the company said.
The LAUGFS Terminal, built with an investment of USD 80 million, is expected to be one of the largest in South Asia.
It was the first investment in Sri Lanka’s Hambantota Port, which is known for its strategic nautical location in the Indian Ocean, the company said.
“The new LPG terminal will reinforce our energy presence within the region by tapping the energy requirements of some of the largest emerging LPG markets, including India, Bangladesh and Myanmar,” said LAUGFS Group Chairman, W.K.H. Wegapitiya.
“The Hambantota Port provides a strategic advantage to further strengthen this position given its location amidst some of the world’s largest nautical/shipping routes. Combined with these strategic advantages, we believe our own LAUGFS Terminal will help position Sri Lanka as a break-bulking hub of the region, yielding tremendous economic benefits to the country,” he said.
LAUGFS Group Managing Director Thilak De Silva said: “We take immense pride in being able to invest in a project of this magnitude and being part of the business expansion opportunities centering the Hambantota Port.”
LAUGFS Terminals, a wholly owned subsidiary of LAUGFS Gas PLC, is expected to further expand the Terminal capacity with an additional 15,000 MT in its second phase, enhancing the handling capacity to over 100,000 MT.