Laugfs signs up for largest investment at Hambantota port
View(s):Laugfs has invested in a terminal at the Hambantota port that would assist in the provision of energy with the construction of a facility to provide for local and re-export purposes at a cost of US$ 80 million.Laugfs Terminals Ltd, a wholly owned subsidiary of Laugfs Gas PLC, signed an agreement with China Huanqiu Contracting and Construction Corporation (HQC) for the turnkey EPC construction of the Laugfs LPG Terminal. The company said at the signing of the agreement that the terminal will blend and store LPG with an initial capacity of 30, 000 MT with the likelihood of increasing to an additional 15, 000 MT of LPG that would boost handling capacity yield to over 100, 000 MT.
Laugfs Terminal, which is a Board of Investment (BOI) approved venture would produce 30 per cent of its energy for local consumption and 60 per cent for re-export to other countries in Asia.The terminal would be commissioned in 24 months, the company’s Chairman W.K.H. Wegapitiya said at the signing of the agreement adding that the currently available two ships would be increased to 10 more vessels within a period of five years.Chairman of the Chinese construction company, HQC, Lee Yu Ping said this was the first time in 18 years that a multimillion dollar was signed with a private company in the country.He noted that they would be signing up to build South Asia’s largest LPG Terminal for import and export adding that it was so far the largest investment at the Hambantota port.