Refined Product

Sri Lanka's Prime Minister Ranil Wickremesinghe arrives with flowers to receive blessings at the Gangaramaya Buddhist Temple, Colombo, Sri Lanka on Wednesday 4 April 2018. On wednesday (4), Wickremesinghe survived a no-confidence motion in the Sri Lankan parliament with a 46 vote majority after a 12-hour debate with 122 MPs voted in his support while 76 MPs voting to remove the prime minister. (Photo by Tharaka Basnayaka/NurPhoto via Getty Images)

Feb 01, 2008 (LBO) – Two UAE petroleum firms have won Sri Lankan government approval to build the island’s second refinery with an
investment of 1.2 billion dollars, a senior minister said. . Trans Asia Gas International LLC and Star Petro Energy LLC of the UAE
plan to build a 100,000 barrels-per-day refinery in the southern town of Hambantota, minister Anura Priyadarshana Yapa told reporters.

The project has been approved by the Board of Investment, the investment promotion agency that grants investors tax and other concessions.

Yapa has previously said the planned refinery’s entire output will be
shipped to overseas markets.

The refinery project will provide employment to about 700 people in the area, one of Sri Lanka’s most neglected districts where unemployment and poverty are high.

It is the home electorate of Sri Lanka’s president Mahinda Rajapakse.

The government has also started work with Chinese funds to build a new port in Hambantota, to exploit its location close to the main shipping lane across the Indian Ocean.

The new refinery investment comes at a time when Sri Lanka is offering petroleum firms the chance to bid for oil exploration blocks in