March 21, 2019 (LBO) – A media firestorm has erupted over a US$3.85bn refinery project that was trumpeted by Sri Lankan government politicians as the largest FDI in the history of Sri Lanka. The Indian ‘Hindu’ newspaper reported on the deal yesterday:
#Srilanka: An overseas joint venture has committed a record $3.85 billion to a new oil refinery in SL. Oman will fund 30% while Singapore-based Silver Park International, owned by a business interest in India, will finance the rest: @AFP https://t.co/1j06R5xvB9 #via @the_hindu
— Meera Srinivasan (@Meerasrini) March 20, 2019
Following Reuters news story which reported a denial by the Oman Oil Company that it had agreed to invest in the project that BOI, for the first time in history, the BOI has taken to twitter to clear up misconceptions about the project.
— Tharaka Balasuriya (@TharakaBalasur1) March 21, 2019
Tweets from Sri Lanka’s Board of Investment say that the project is on, and that although no agreements are in place, the BOI has stated that: “…we are aware that Oman Oil Company has registered their firm intention to participate in equity up to 30%, subject to reaching agreement between the parties.”
BOI Communique regarding the oil refinery in Hambantota: We refer to the recent Reuters news report with regard tothe above project. We are aware that there is no Agreement that has been signed between Oman's Ministry of Oil and Gas and Silver park InternationalPteLtd with regard
— Board of Investment (@BOIsrilanka) March 21, 2019