July 21, 2016 (LBO) – Malaysia’s Deputy Premier Ahmed Zahid Hamidi is to visit Sri Lanka today to initiate the ground breaking ceremony of Hyrax Oil Sdn Bhd Lubricants’ proposed lubricant blending plant which will be setup in Muthurajawela.
Hyrax Oil will invest 30 million US dollars to establish a four-million-litres-per-month lubricant blending plant in Sri Lanka.
A build, operate and transfer (BOT) agreement, a supply agreement and a land lease agreement were signed recently between Hyrax Oil and Ceylon Petroleum Corporation.
Hyrax Oil will construct the plant and subsequently manufacture the lubricant products for CPC for a term of 20 years.
Incorporated in 1991, Hyrax Oil has been in the market for 25 years and 70 percent of its revenue comes from the export market.
During Deputy Premier’s stay, he is scheduled to call on President, Prime Minister, Foreign Minister and Foreign Employment Minister and have discussions on areas of mutual interest.
The visit is also envisaged to expand and increase cooperation in the spheres of political, economic, trade, defense and tourism sectors between the two countries.